000173792412/31FALSE2025Q1xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purencdlc:investmentncdlc:portfolioCompanyncdlc:member00017379242025-01-012025-03-3100017379242025-05-060001737924us-gaap:InvestmentUnaffiliatedIssuerMember2025-03-310001737924us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-3100017379242025-03-3100017379242024-12-310001737924us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001737924us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-03-3100017379242024-01-012024-03-3100017379242023-12-3100017379242024-03-310001737924BlueHalo Global Holdings, LLC (AEgis Technologies)2025-03-310001737924ERA Industries, LLC (BTX Precision) 12025-03-310001737924ERA Industries, LLC (BTX Precision) 22025-03-310001737924PAG Holding Corp. (Precision Aviation Group) 12025-03-310001737924PAG Holding Corp. (Precision Aviation Group) 22025-03-310001737924Signia Aerospace, LLC 12025-03-310001737924Signia Aerospace, LLC 22025-03-310001737924STS Holding, Inc.2025-03-310001737924Turbine Engine Specialists, Inc.2025-03-310001737924Valkyrie Intermediate, LLC2025-03-310001737924ncdlc:AerospaceAndDefenseMemberus-gaap:DebtSecuritiesMember2025-03-310001737924Covercraft Parent III, Inc. 12025-03-310001737924High Bar Brands Operating, LLC 12025-03-310001737924High Bar Brands Operating, LLC 22025-03-310001737924JEGS Automotive 12025-03-310001737924JEGS Automotive 22025-03-310001737924OEP Glass Purchaser, LLC (PGW Auto Glass) 12025-03-310001737924OEP Glass Purchaser, LLC (PGW Auto Glass) 22025-03-310001737924RA Parent Holdings LP (S&S Truck Parts) 12025-03-310001737924RA Parent Holdings LP (S&S Truck Parts) 22025-03-310001737924RA Parent Holdings LP (S&S Truck Parts) 32025-03-310001737924RA Parent Holdings LP (S&S Truck Parts) 42025-03-310001737924RA Parent Holdings LP (S&S Truck Parts) 52025-03-310001737924Randys Holdings, Inc. (Randy's Worldwide Automotive) 12025-03-310001737924Randys Holdings, Inc. (Randy's Worldwide Automotive) 22025-03-310001737924us-gaap:AutomotiveSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001737924Accession Risk Management Group, Inc. (f/k/a RSC Acquisition Inc)2025-03-310001737924Ascend Partner Services LLC 12025-03-310001737924Ascend Partner Services LLC 22025-03-310001737924Big Apple Advisory, LLC 12025-03-310001737924Big Apple Advisory, LLC 22025-03-310001737924Big Apple Advisory, LLC 32025-03-310001737924Cohen Advisory, LLC 12025-03-310001737924Cohen Advisory, LLC 22025-03-310001737924Illumifin Corporation (Long Term Care Group)2025-03-310001737924Patriot Growth Insurance Services, LLC2025-03-310001737924Smith & Howard Advisory LLC 12025-03-310001737924Smith & Howard Advisory LLC 22025-03-310001737924Vensure Employer Services, Inc. 12025-03-310001737924Vensure Employer Services, Inc. 22025-03-310001737924World Insurance Associates, LLC 12025-03-310001737924World Insurance Associates, LLC 22025-03-310001737924ncdlc:BankingFinanceInsuranceRealEstateMemberus-gaap:DebtSecuritiesMember2025-03-310001737924AmerCareRoyal, LLC 12025-03-310001737924AmerCareRoyal, LLC 22025-03-310001737924AmerCareRoyal, LLC 32025-03-310001737924Bardstown PPC Buyer LLC (Bardstown Bourbon Company)2025-03-310001737924BCPE North Star US Holdco 2, Inc. (Dessert Holdings) 12025-03-310001737924BCPE North Star US Holdco 2, Inc. (Dessert Holdings) 22025-03-310001737924Boardwalk Buyer LLC (Death Wish Coffee)2025-03-310001737924Commercial Bakeries Corp. 12025-03-310001737924Commercial Bakeries Corp. 22025-03-310001737924FoodScience, LLC 12025-03-310001737924FoodScience, LLC 22025-03-310001737924IF&P Holding Company, LLC (Fresh Edge) 12025-03-310001737924IF&P Holding Company, LLC (Fresh Edge) 22025-03-310001737924IF&P Holding Company, LLC (Fresh Edge) 32025-03-310001737924Palmetto Acquisitionco, Inc. (Tech24) 12025-03-310001737924Palmetto Acquisitionco, Inc. (Tech24) 22025-03-310001737924Refresh Buyer, LLC (Sunny Sky Products) 12025-03-310001737924Refresh Buyer, LLC (Sunny Sky Products) 22025-03-310001737924Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) 12025-03-310001737924Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) 22025-03-310001737924Watermill Express, LLC 12025-03-310001737924Watermill Express, LLC 22025-03-310001737924Watermill Express, LLC 32025-03-310001737924Watermill Express, LLC 42025-03-310001737924Watermill Express, LLC 52025-03-310001737924WCHG Buyer, Inc. (Handgards, LLC)2025-03-310001737924ncdlc:BeverageFoodTobaccoMemberus-gaap:DebtSecuritiesMember2025-03-310001737924Clean Solutions Buyer, Inc.2025-03-310001737924Engineered Fastener Company, LLC (EFC International)2025-03-310001737924FirstCall Mechanical Group, LLC 12025-03-310001737924FirstCall Mechanical Group, LLC 22025-03-310001737924Heartland Home Services, Inc. (Helios Buyer, Inc.) 12025-03-310001737924Heartland Home Services, Inc. (Helios Buyer, Inc.) 22025-03-310001737924Heartland Home Services, Inc. (Helios Buyer, Inc.) 32025-03-310001737924Hyperion Materials & Technologies, Inc.2025-03-310001737924Jetson Buyer, Inc. (E-Technologies Group, Inc.)2025-03-310001737924Ovation Holdings, Inc 12025-03-310001737924Ovation Holdings, Inc 22025-03-310001737924Ovation Holdings, Inc 32025-03-310001737924Ovation Holdings, Inc 42025-03-310001737924PT Intermediate Holdings III, LLC 12025-03-310001737924PT Intermediate Holdings III, LLC 22025-03-310001737924Rhino Intermediate Holding Company, LLC (Rhino Tool House) 12025-03-310001737924Rhino Intermediate Holding Company, LLC (Rhino Tool House) 22025-03-310001737924Thermostat Purchaser III, Inc. 12025-03-310001737924Thermostat Purchaser III, Inc. 22025-03-310001737924Vessco Midco Holdings, LLC 12025-03-310001737924Vessco Midco Holdings, LLC 22025-03-310001737924Vessco Midco Holdings, LLC 32025-03-310001737924ncdlc:CapitalEquipmentMemberus-gaap:DebtSecuritiesMember2025-03-310001737924Boulder Scientific Company, LLC2025-03-310001737924Chroma Color Corporation 12025-03-310001737924Chroma Color Corporation 22025-03-310001737924Olympic Buyer, Inc. (Ascensus)2025-03-310001737924TJC Spartech Acquisition Corp.2025-03-310001737924ncdlc:ChemicalsPlasticsRubberMemberus-gaap:DebtSecuritiesMember2025-03-310001737924Athlete Buyer, LLC (Allstar Holdings) 12025-03-310001737924Athlete Buyer, LLC (Allstar Holdings) 22025-03-310001737924Athlete Buyer, LLC (Allstar Holdings) 32025-03-310001737924Cobalt Service Partners, LLC 12025-03-310001737924Cobalt Service Partners, LLC 22025-03-310001737924Erie Construction Mid-West, LLC (Erie Construction)2025-03-310001737924Gannett Fleming, Inc. 12025-03-310001737924Gannett Fleming, Inc. 22025-03-310001737924Heartland Paving Partners, LLC 12025-03-310001737924Heartland Paving Partners, LLC 22025-03-310001737924Heartland Paving Partners, LLC 32025-03-310001737924ICE USA Infrastructure, Inc.2025-03-310001737924Java Buyer, Inc. (Sciens Building Solutions, LLC) 12025-03-310001737924Java Buyer, Inc. (Sciens Building Solutions, LLC) 22025-03-310001737924MEI Buyer LLC 12025-03-310001737924MEI Buyer LLC 22025-03-310001737924MEI Buyer LLC 32025-03-310001737924Rose Paving, LLC 12025-03-310001737924Rose Paving, LLC 22025-03-310001737924Royal Holdco Corporation (RMA Companies) 12025-03-310001737924Royal Holdco Corporation (RMA Companies) 22025-03-310001737924SCIC Buyer, Inc. 12025-03-310001737924SCIC Buyer, Inc. 22025-03-310001737924WSB Engineering Holdings Inc. 12025-03-310001737924WSB Engineering Holdings Inc. 22025-03-310001737924ncdlc:ConstructionBuildingMemberus-gaap:DebtSecuritiesMember2025-03-310001737924DRS Holdings III, Inc.2025-03-310001737924Momentum Textiles, LLC2025-03-310001737924XpressMyself.com LLC (SmartSign) 12025-03-310001737924XpressMyself.com LLC (SmartSign) 22025-03-310001737924ncdlc:ConsumerGoodsDurableMemberus-gaap:DebtSecuritiesMember2025-03-310001737924ACP Tara Holdings, Inc. 12025-03-310001737924ACP Tara Holdings, Inc. 22025-03-310001737924Gloves Buyer, Inc. (PIP)2025-03-310001737924KL Bronco Acquisition, Inc. (Elevation Labs) 12025-03-310001737924KL Bronco Acquisition, Inc. (Elevation Labs) 22025-03-310001737924MPG Parent Holdings, LLC (Market Performance Group) 12025-03-310001737924MPG Parent Holdings, LLC (Market Performance Group) 22025-03-310001737924Ultima Health Holdings, Inc.2025-03-310001737924ncdlc:ConsumerGoodsNonDurableMemberus-gaap:DebtSecuritiesMember2025-03-310001737924B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) 12025-03-310001737924B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) 22025-03-310001737924good2grow LLC 12025-03-310001737924good2grow LLC 22025-03-310001737924good2grow LLC 32025-03-310001737924Ivex Holdco Inc. (Specialized Packaging Group) 12025-03-310001737924Ivex Holdco Inc. (Specialized Packaging Group) 22025-03-310001737924Ivex Holdco Inc. (Specialized Packaging Group) 32025-03-310001737924Ivex Holdco Inc. (Specialized Packaging Group) 42025-03-310001737924Oliver Packaging, LLC 12025-03-310001737924Oliver Packaging, LLC 22025-03-310001737924Online Labels Group, LLC 12025-03-310001737924Online Labels Group, LLC 22025-03-310001737924Online Labels Group, LLC 32025-03-310001737924ncdlc:ContainersPackagingAndGlassMemberus-gaap:DebtSecuritiesMember2025-03-310001737924Matador US Buyer, LLC (Insulation Technology Group) 12025-03-310001737924Matador US Buyer, LLC (Insulation Technology Group) 22025-03-310001737924US MetalCo Holdings LLC (MGM Transformer Company) 12025-03-310001737924US MetalCo Holdings LLC (MGM Transformer Company) 22025-03-310001737924ncdlc:EnergyElectricityMemberus-gaap:DebtSecuritiesMember2025-03-310001737924CLS Management Services, LLC (Contract Land Staff) 12025-03-310001737924CLS Management Services, LLC (Contract Land Staff) 22025-03-310001737924CLS Management Services, LLC (Contract Land Staff) 32025-03-310001737924Impact Parent Corporation (Impact Environmental Group) 12025-03-310001737924Impact Parent Corporation (Impact Environmental Group) 22025-03-310001737924Impact Parent Corporation (Impact Environmental Group) 32025-03-310001737924Impact Parent Corporation (Impact Environmental Group) 42025-03-310001737924NFM & J, L.P. (The Facilities Group) 12025-03-310001737924NFM & J, L.P. (The Facilities Group) 22025-03-310001737924NFM & J, L.P. (The Facilities Group) 32025-03-310001737924NFM & J, L.P. (The Facilities Group) 42025-03-310001737924Nutrition 101 Buyer, LLC (101 Inc)2025-03-310001737924Orion Group FM Holdings, LLC (Leo Facilities) 12025-03-310001737924Orion Group FM Holdings, LLC (Leo Facilities) 22025-03-310001737924Orion Group FM Holdings, LLC (Leo Facilities) 32025-03-310001737924Orion Group FM Holdings, LLC (Leo Facilities) 42025-03-310001737924SI Solutions, LLC 12025-03-310001737924SI Solutions, LLC 22025-03-310001737924ncdlc:EnvironmentalIndustriesMemberus-gaap:DebtSecuritiesMember2025-03-310001737924AB Centers Acquisition Corporation (Action Behavior Centers) 12025-03-310001737924AB Centers Acquisition Corporation (Action Behavior Centers) 22025-03-310001737924AB Centers Acquisition Corporation (Action Behavior Centers) 32025-03-310001737924ACP Maverick Holdings, Inc. 12025-03-310001737924ACP Maverick Holdings, Inc. 22025-03-310001737924Affinity Hospice Intermediate Holdings, LLC2025-03-310001737924Anne Arundel Dermatology Management, LLC 12025-03-310001737924Anne Arundel Dermatology Management, LLC 22025-03-310001737924Anne Arundel Dermatology Management, LLC 32025-03-310001737924Anne Arundel Dermatology Management, LLC 42025-03-310001737924Bluebird PM Buyer, Inc. 12025-03-310001737924Bluebird PM Buyer, Inc. 22025-03-310001737924Bridges Consumer Healthcare Intermediate LLC 12025-03-310001737924Bridges Consumer Healthcare Intermediate LLC 22025-03-310001737924Bridges Consumer Healthcare Intermediate LLC 32025-03-310001737924Coding Solutions Acquisition, Inc. 12025-03-310001737924Coding Solutions Acquisition, Inc. 22025-03-310001737924Coding Solutions Acquisition, Inc. 32025-03-310001737924Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology)2025-03-310001737924Eyesouth Eye Care Holdco LLC 12025-03-310001737924Eyesouth Eye Care Holdco LLC 22025-03-310001737924FH DMI Buyer, Inc. 12025-03-310001737924FH DMI Buyer, Inc. 22025-03-310001737924Genesee Scientific LLC 12025-03-310001737924Genesee Scientific LLC 22025-03-310001737924GHR Healthcare, LLC 12025-03-310001737924GHR Healthcare, LLC 22025-03-310001737924GHR Healthcare, LLC 32025-03-310001737924GHR Healthcare, LLC 42025-03-310001737924GHR Healthcare, LLC 52025-03-310001737924GHR Healthcare, LLC 62025-03-310001737924GHR Healthcare, LLC 72025-03-310001737924Health Management Associates, Inc. 12025-03-310001737924Health Management Associates, Inc. 22025-03-310001737924Healthspan Buyer, LLC (Thorne HealthTech)2025-03-310001737924Heartland Veterinary Partners LLC 12025-03-310001737924Heartland Veterinary Partners LLC 22025-03-310001737924Heartland Veterinary Partners LLC 32025-03-310001737924HemaSource, Inc.2025-03-310001737924HMN Acquirer Corp. 12025-03-310001737924HMN Acquirer Corp. 22025-03-310001737924Impact Advisors, LLC 12025-03-310001737924Impact Advisors, LLC 22025-03-310001737924Infucare Rx Inc2025-03-310001737924JKC Buyer, Inc. (J. Knipper and Company Inc) 12025-03-310001737924JKC Buyer, Inc. (J. Knipper and Company Inc) 22025-03-310001737924Lavie Group, Inc. 12025-03-310001737924Lavie Group, Inc. 22025-03-310001737924MDC Intermediate Holdings II, LLC (Mosaic Dental) 12025-03-310001737924MDC Intermediate Holdings II, LLC (Mosaic Dental) 22025-03-310001737924Midwest Eye Services, LLC2025-03-310001737924Promptcare Infusion Buyer, Inc. 12025-03-310001737924Promptcare Infusion Buyer, Inc. 22025-03-310001737924Promptcare Infusion Buyer, Inc. 32025-03-310001737924QHR Health, LLC 12025-03-310001737924QHR Health, LLC 22025-03-310001737924QHR Health, LLC 32025-03-310001737924Sandlot Buyer, LLC (Prime Time Healthcare) 12025-03-310001737924Sandlot Buyer, LLC (Prime Time Healthcare) 22025-03-310001737924SM Wellness Holdings, Inc. (Solis Mammography)2025-03-310001737924Smile Brands Inc.2025-03-310001737924TBRS, Inc. 12025-03-310001737924TBRS, Inc. 22025-03-310001737924TBRS, Inc. 32025-03-310001737924Tidi Legacy Products, Inc. 12025-03-310001737924Tidi Legacy Products, Inc. 22025-03-310001737924VMG Holdings LLC (VMG Health) 12025-03-310001737924VMG Holdings LLC (VMG Health) 22025-03-310001737924Wellspring Pharmaceutical Corporation 12025-03-310001737924Wellspring Pharmaceutical Corporation 22025-03-310001737924Wellspring Pharmaceutical Corporation 32025-03-310001737924Wellspring Pharmaceutical Corporation 42025-03-310001737924Wellspring Pharmaceutical Corporation 52025-03-310001737924YI, LLC (Young Innovations) 12025-03-310001737924YI, LLC (Young Innovations) 22025-03-310001737924ncdlc:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMember2025-03-310001737924Alta Buyer, LLC (GoEngineer) 12025-03-310001737924Alta Buyer, LLC (GoEngineer) 22025-03-310001737924Alta Buyer, LLC (GoEngineer) 32025-03-310001737924Diligent Corporation (fka Diamond Merger Sub II, Corp.) 12025-03-310001737924Diligent Corporation (fka Diamond Merger Sub II, Corp.) 22025-03-310001737924Diligent Corporation (fka Diamond Merger Sub II, Corp.) 32025-03-310001737924Eliassen Group, LLC 12025-03-310001737924Eliassen Group, LLC 22025-03-310001737924Ensono, Inc.2025-03-310001737924Exterro, Inc.2025-03-310001737924Infobase Acquisition, Inc.2025-03-310001737924North Haven CS Acquisition, Inc. 12025-03-310001737924North Haven CS Acquisition, Inc. 22025-03-310001737924Prosci, Inc.2025-03-310001737924Quartz Holding Company (Quickbase)2025-03-310001737924Revalize Inc. (f/k/a AQ Holdco Inc.) 12025-03-310001737924Revalize Inc. (f/k/a AQ Holdco Inc.) 22025-03-310001737924Revalize Inc. (f/k/a AQ Holdco Inc.) 32025-03-310001737924Revalize Inc. (f/k/a AQ Holdco Inc.) 42025-03-310001737924Ridge Trail US Bidco, Inc. (Options IT) 12025-03-310001737924Ridge Trail US Bidco, Inc. (Options IT) 22025-03-310001737924Ridge Trail US Bidco, Inc. (Options IT) 32025-03-310001737924Smart Wave Technologies, Inc.2025-03-310001737924Solve Industrial Motion Group LLC 12025-03-310001737924Solve Industrial Motion Group LLC 22025-03-310001737924Solve Industrial Motion Group LLC 32025-03-310001737924Venture Buyer, LLC (Velosio) 12025-03-310001737924Venture Buyer, LLC (Velosio) 22025-03-310001737924ncdlc:HighTechIndustriesMemberus-gaap:DebtSecuritiesMember2025-03-310001737924Davidson Hotel Company LLC 12025-03-310001737924Davidson Hotel Company LLC 22025-03-310001737924ncdlc:HotelGameLeisureMemberus-gaap:DebtSecuritiesMember2025-03-310001737924Calienger Acquisition, L.L.C. (Wpromote, LLC)2025-03-310001737924Tinuiti Inc. 12025-03-310001737924Tinuiti Inc. 22025-03-310001737924Tinuiti Inc. 32025-03-310001737924ncdlc:MediaAdvertisingPrintingPublishingMemberus-gaap:DebtSecuritiesMember2025-03-310001737924BroadcastMed Holdco, LLC2025-03-310001737924Corporate Visions, Inc. (CVI Parent, Inc.) 12025-03-310001737924Corporate Visions, Inc. (CVI Parent, Inc.) 22025-03-310001737924MSM Acquisitions, Inc. (Spectrio) 12025-03-310001737924MSM Acquisitions, Inc. (Spectrio) 22025-03-310001737924MSM Acquisitions, Inc. (Spectrio) 32025-03-310001737924ncdlc:MediaDiversifiedProductionMemberus-gaap:DebtSecuritiesMember2025-03-310001737924ALKU Intermediate Holdings, LLC2025-03-310001737924All4 Buyer, LLC 12025-03-310001737924All4 Buyer, LLC 22025-03-310001737924Archer Acquisition, LLC (ARMstrong) 12025-03-310001737924Archer Acquisition, LLC (ARMstrong) 22025-03-310001737924Bounteous, Inc. 12025-03-310001737924Bounteous, Inc. 22025-03-310001737924Bounteous, Inc. 32025-03-310001737924Bounteous, Inc. 42025-03-310001737924Bullhorn, Inc.2025-03-310001737924Businessolver.com, Inc. 12025-03-310001737924Businessolver.com, Inc. 22025-03-310001737924Caldwell & Gregory LLC2025-03-310001737924CDL Marketing Group, LLC (Career Now)2025-03-310001737924Cornerstone Advisors of Arizona, LLC 12025-03-310001737924Cornerstone Advisors of Arizona, LLC 22025-03-310001737924Cornerstone Advisors of Arizona, LLC 32025-03-310001737924Cornerstone Advisors of Arizona, LLC 42025-03-310001737924DH United Holdings, LLC (D&H United Fueling Solutions) 12025-03-310001737924DH United Holdings, LLC (D&H United Fueling Solutions) 22025-03-310001737924DH United Holdings, LLC (D&H United Fueling Solutions) 32025-03-310001737924DH United Holdings, LLC (D&H United Fueling Solutions) 42025-03-310001737924DH United Holdings, LLC (D&H United Fueling Solutions) 52025-03-310001737924Element 78 Partners, LLC (E78) 12025-03-310001737924Element 78 Partners, LLC (E78) 22025-03-310001737924Element 78 Partners, LLC (E78) 32025-03-310001737924Element 78 Partners, LLC (E78) 42025-03-310001737924Element 78 Partners, LLC (E78) 52025-03-310001737924Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) 12025-03-310001737924Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) 22025-03-310001737924Esquire Deposition Solutions, LLC2025-03-310001737924Gabriel Partners, LLC 12025-03-310001737924Gabriel Partners, LLC 22025-03-310001737924Gabriel Partners, LLC 32025-03-310001737924Gabriel Partners, LLC 42025-03-310001737924Integrated Power Services Holdings, Inc. 12025-03-310001737924Integrated Power Services Holdings, Inc. 22025-03-310001737924KENG Acquisition, Inc. (Enagage PEO) 12025-03-310001737924KENG Acquisition, Inc. (Enagage PEO) 22025-03-310001737924KENG Acquisition, Inc. (Enagage PEO) 32025-03-310001737924KRIV Acquisition, Inc. (Riveron) 12025-03-310001737924KRIV Acquisition, Inc. (Riveron) 22025-03-310001737924LRN Corporation (Lion Merger Sub, Inc.) 12025-03-310001737924LRN Corporation (Lion Merger Sub, Inc.) 22025-03-310001737924OCM System One Buyer CTB, LLC (System One)2025-03-310001737924Olympus US Bidco LLC (Phaidon International)2025-03-310001737924Output Services Group, Inc. 12025-03-310001737924Output Services Group, Inc. 22025-03-310001737924PLZ Corp (PLZ Aeroscience)2025-03-310001737924Redwood Services Group, LLC (Evergreen Services Group) 12025-03-310001737924Redwood Services Group, LLC (Evergreen Services Group) 22025-03-310001737924Redwood Services Group, LLC (Evergreen Services Group) 32025-03-310001737924Safety Infrastructure Services Intermediate LLC 12025-03-310001737924Safety Infrastructure Services Intermediate LLC 22025-03-310001737924Sagebrush Buyer, LLC (Province)2025-03-310001737924Scaled Agile, Inc. 12025-03-310001737924Scaled Agile, Inc. 22025-03-310001737924Secretariat Advisors LLC 12025-03-310001737924Secretariat Advisors LLC 22025-03-310001737924Tau Buyer, LLC 12025-03-310001737924Tau Buyer, LLC 22025-03-310001737924Tau Buyer, LLC 32025-03-310001737924Transit Buyer, LLC (Propark Mobility) 12025-03-310001737924Transit Buyer, LLC (Propark Mobility) 22025-03-310001737924Transit Buyer, LLC (Propark Mobility) 32025-03-310001737924Trilon Group, LLC 12025-03-310001737924Trilon Group, LLC 22025-03-310001737924TSS Buyer, LLC (Technical Safety Services) 12025-03-310001737924TSS Buyer, LLC (Technical Safety Services) 22025-03-310001737924TSS Buyer, LLC (Technical Safety Services) 32025-03-310001737924Victors CCC Buyer LLC (CrossCountry Consulting) 12025-03-310001737924Victors CCC Buyer LLC (CrossCountry Consulting) 22025-03-310001737924VRC Companies, LLC (Vital Records Control) 12025-03-310001737924VRC Companies, LLC (Vital Records Control) 22025-03-310001737924ncdlc:ServicesBusinessMemberus-gaap:DebtSecuritiesMember2025-03-310001737924360 Holdco, Inc. (360 Training) 12025-03-310001737924360 Holdco, Inc. (360 Training) 22025-03-310001737924ADPD Holdings LLC (NearU) 12025-03-310001737924ADPD Holdings LLC (NearU) 22025-03-310001737924ADPD Holdings LLC (NearU) 32025-03-310001737924AMS Parent, LLC (All My Sons)2025-03-310001737924Apex Service Partners, LLC 12025-03-310001737924Apex Service Partners, LLC 22025-03-310001737924Apex Service Partners, LLC 32025-03-310001737924Apex Service Partners, LLC 42025-03-310001737924Athlete Buyer, LLC (Allstar Holdings)2025-03-310001737924Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) 12025-03-310001737924Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) 22025-03-310001737924Excel Fitness Holdings, Inc. 12025-03-310001737924Excel Fitness Holdings, Inc. 22025-03-310001737924Legacy Parent Holdings, LLC (Legacy Service Partners) 12025-03-310001737924Legacy Parent Holdings, LLC (Legacy Service Partners) 22025-03-310001737924Legacy Service Partners, LLC2025-03-310001737924Liberty Buyer, Inc. (Liberty Group) 12025-03-310001737924Liberty Buyer, Inc. (Liberty Group) 22025-03-310001737924National Renovations LLC (Repipe Specialists) 12025-03-310001737924National Renovations LLC (Repipe Specialists) 22025-03-310001737924National Renovations LLC (Repipe Specialists) 32025-03-310001737924NJEye LLC 12025-03-310001737924NJEye LLC 22025-03-310001737924NJEye LLC 32025-03-310001737924NJEye LLC 42025-03-310001737924North Haven Fairway Buyer, LLC (Fairway Lawns) 12025-03-310001737924North Haven Fairway Buyer, LLC (Fairway Lawns) 22025-03-310001737924North Haven Fairway Buyer, LLC (Fairway Lawns) 32025-03-310001737924North Haven Spartan US Holdco LLC 12025-03-310001737924North Haven Spartan US Holdco LLC 22025-03-310001737924North Haven Spartan US Holdco LLC 32025-03-310001737924One World Fitness PFF, LLC2025-03-310001737924Perennial Services Group, LLC 12025-03-310001737924Perennial Services Group, LLC 22025-03-310001737924Wrench Group LLC2025-03-310001737924us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001737924Renaissance Buyer, LLC (LMI Consulting, LLC)2025-03-310001737924ncdlc:SovereignAndPublicFinanceMemberus-gaap:DebtSecuritiesMember2025-03-310001737924BCM One, Inc. 12025-03-310001737924BCM One, Inc. 22025-03-310001737924MBS Holdings, Inc. 12025-03-310001737924MBS Holdings, Inc. 22025-03-310001737924MBS Holdings, Inc. 32025-03-310001737924Mobile Communications America, Inc. 12025-03-310001737924Mobile Communications America, Inc. 22025-03-310001737924Sapphire Telecom, Inc.2025-03-310001737924Tyto Athene, LLC2025-03-310001737924ncdlc:TelecommunicationsMemberus-gaap:DebtSecuritiesMember2025-03-310001737924A&R Logistics Holdings, Inc. (Quantix SCS, LLC) 12025-03-310001737924A&R Logistics Holdings, Inc. (Quantix SCS, LLC) 22025-03-310001737924A&R Logistics Holdings, Inc. (Quantix SCS, LLC) 32025-03-310001737924A&R Logistics Holdings, Inc. (Quantix SCS, LLC) 42025-03-310001737924A&R Logistics Holdings, Inc. (Quantix SCS, LLC) 52025-03-310001737924Armstrong Midco, LLC (Armstrong Transport Group)2025-03-310001737924Armstrong Transport Group, LLC2025-03-310001737924FSK Pallet Holding Corp. (Kamps Pallets)2025-03-310001737924Kenco PPC Buyer LLC 12025-03-310001737924Kenco PPC Buyer LLC 22025-03-310001737924Kenco PPC Buyer LLC 32025-03-310001737924R1 Holdings, LLC (RoadOne)2025-03-310001737924SEKO Global Logistics Network, LLC 12025-03-310001737924SEKO Global Logistics Network, LLC 22025-03-310001737924TI Acquisition NC, LLC2025-03-310001737924ncdlc:TransportationCargoMemberus-gaap:DebtSecuritiesMember2025-03-310001737924American Student Transportation Partners, Inc.2025-03-310001737924EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) 12025-03-310001737924EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) 22025-03-310001737924ncdlc:TransportationConsumerMemberus-gaap:DebtSecuritiesMember2025-03-310001737924CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) 12025-03-310001737924CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) 22025-03-310001737924CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) 32025-03-310001737924DMC Holdco, LLC (DMC Power) 12025-03-310001737924DMC Holdco, LLC (DMC Power) 22025-03-310001737924Pinnacle Supply Partners, LLC 12025-03-310001737924Pinnacle Supply Partners, LLC 22025-03-310001737924ncdlc:UtilitiesElectricMemberus-gaap:DebtSecuritiesMember2025-03-310001737924USA Water Intermediate Holdings, LLC 12025-03-310001737924USA Water Intermediate Holdings, LLC 22025-03-310001737924ncdlc:UtilitiesWaterMemberus-gaap:DebtSecuritiesMember2025-03-310001737924INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) 12025-03-310001737924INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) 22025-03-310001737924INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) 32025-03-310001737924ISG Enterprises, LLC (Industrial Service Group) 12025-03-310001737924ISG Enterprises, LLC (Industrial Service Group) 22025-03-310001737924Micronics Filtration Holdings, Inc.2025-03-310001737924TPC Wire & Cable Corp. 12025-03-310001737924TPC Wire & Cable Corp. 22025-03-310001737924TPC Wire & Cable Corp. 32025-03-310001737924ncdlc:WholesaleMemberus-gaap:DebtSecuritiesMember2025-03-310001737924us-gaap:DebtSecuritiesMember2025-03-310001737924BPC Kodiak LLC (Turbine Engine Specialists)2025-03-310001737924ncdlc:AerospaceAndDefenseMemberus-gaap:EquitySecuritiesMember2025-03-310001737924Buckeye Group Holdings, L.P. (JEGS Automotive) 12025-03-310001737924Buckeye Group Holdings, L.P. (JEGS Automotive) 22025-03-310001737924Buckeye Group Holdings, L.P. (JEGS Automotive) 32025-03-310001737924Covercraft Parent III, Inc. 22025-03-310001737924HBB Parent, LLC (High Bar Brands)2025-03-310001737924Pegasus Aggregator Holdings LP (S&S Truck Parts)2025-03-310001737924Phoenix Topco Holdings LP (S&S Truck Parts) 12025-03-310001737924Phoenix Topco Holdings LP (S&S Truck Parts) 22025-03-310001737924us-gaap:AutomotiveSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001737924Bardstown PPC Buyer LLC (Bardstown Bourbon Company) 22025-03-310001737924VCP Tech24 Co-Invest Aggregator LP (Tech24)2025-03-310001737924WPP Fairway Aggregator B, L.P (Fresh Edge) 12025-03-310001737924WPP Fairway Aggregator B, L.P (Fresh Edge) 22025-03-310001737924ncdlc:BeverageFoodTobaccoMemberus-gaap:EquitySecuritiesMember2025-03-310001737924CMG HoldCo, LLC (Crete)2025-03-310001737924EFC Holdings, LLC (EFC International) 12025-03-310001737924EFC Holdings, LLC (EFC International) 22025-03-310001737924E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.)2025-03-310001737924Lapmaster Co-Investment, LLC (Precision Surfacing Solutions)2025-03-310001737924ncdlc:CapitalEquipmentMemberus-gaap:EquitySecuritiesMember2025-03-310001737924Erie Construction, LLC (Erie Construction)2025-03-310001737924Oceansound Partners Co-Invest II, LP (Gannett Fleming)2025-03-310001737924OSP Gannett Aggregator, LP (Gannett Fleming)2025-03-310001737924RPI Investments LP (Rose Paving)2025-03-310001737924ncdlc:ConstructionBuildingMemberus-gaap:EquitySecuritiesMember2025-03-310001737924Ultima Health Holdings, LLC2025-03-310001737924ncdlc:ConsumerGoodsNonDurableMemberus-gaap:EquitySecuritiesMember2025-03-310001737924Conversion Holdings, L.P. (Specialized Packaging Group)2025-03-310001737924Oliver Investors, LP (Oliver Packaging)2025-03-310001737924ncdlc:ContainersPackagingAndGlassMemberus-gaap:EquitySecuritiesMember2025-03-310001737924HMA Equity, LP (Health Management Associates)2025-03-310001737924MDC Group Holdings, LP (Mosaic Dental)2025-03-310001737924RCP Nats Co-Investment Fund LP2025-03-310001737924REP Coinvest III AAD, L.P. (Anne Arundel)2025-03-310001737924REP HS Holdings, LLC (HemaSource)2025-03-310001737924ncdlc:HealthcareAndPharmaceuticalsMemberus-gaap:EquitySecuritiesMember2025-03-310001737924Solve Group Holdings, L.P. (Solve Industrial)2025-03-310001737924ncdlc:HighTechIndustriesMemberus-gaap:EquitySecuritiesMember2025-03-310001737924BroadcastMed Holdco, LLC 22025-03-310001737924ncdlc:MediaDiversifiedProductionMemberus-gaap:EquitySecuritiesMember2025-03-310001737924CDL Marketing Group, LLC (Career Now) 12025-03-310001737924CDL Marketing Group, LLC (Career Now) 22025-03-310001737924Concord FG Holdings, LP (E78)2025-03-310001737924Geds Equity Investors, LP (Esquire Deposition Services)2025-03-310001737924KRIV Co-Invest Holdings, L.P. (Riveron)2025-03-310001737924North Haven Terrapin IntermediateCo, LLC (Apex Companies)2025-03-310001737924OSG Topco Holdings, LLC (Output Services Group, Inc.)2025-03-310001737924ncdlc:ServicesBusinessMemberus-gaap:EquitySecuritiesMember2025-03-310001737924Entomo Brands Acquisitions, Inc. (Palmetto Exterminators)2025-03-310001737924FS NU Investors, LP (NearU)2025-03-310001737924Legacy Parent Holdings, LLC (Legacy Service Partners) 32025-03-310001737924Legacy Parent Holdings, LLC (Legacy Service Partners) 42025-03-310001737924Perennial Services Investors LLC (Perennial Services Group)2025-03-310001737924Repipe Aggregator, LLC (Repipe Specialists)2025-03-310001737924us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001737924CMP Ren Partners I-A LP (LMI Consulting, LLC)2025-03-310001737924ncdlc:SovereignAndPublicFinanceMemberus-gaap:EquitySecuritiesMember2025-03-310001737924Red Griffin TopCo, LLC (Seko Global Logistics LLC) 12025-03-310001737924Red Griffin TopCo, LLC (Seko Global Logistics LLC) 22025-03-310001737924REP RO Coinvest IV-A, LP (RoadOne)2025-03-310001737924ncdlc:TransportationCargoMemberus-gaap:EquitySecuritiesMember2025-03-310001737924ASTP Holdings CO-Investment LP (American Student Transportation Partners)2025-03-310001737924ncdlc:TransportationConsumerMemberus-gaap:EquitySecuritiesMember2025-03-310001737924Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC)2025-03-310001737924ncdlc:UtilitiesElectricMemberus-gaap:EquitySecuritiesMember2025-03-310001737924USAW Parent LLC (USA Water)2025-03-310001737924ncdlc:UtilitiesWaterMemberus-gaap:EquitySecuritiesMember2025-03-310001737924us-gaap:EquitySecuritiesMember2025-03-310001737924BlackRock Liquidity Funds T-Fund - Institutional Class2025-03-310001737924First American Government Obligations Fund - Class Z2025-03-310001737924us-gaap:CashEquivalentsMember2025-03-310001737924us-gaap:InterestRateSwapMember2025-01-220001737924us-gaap:InterestRateSwapMember2025-03-310001737924ncdlc:OneMonthSOFRMember2025-03-310001737924ncdlc:ThreeMonthSOFRMember2025-03-310001737924ncdlc:SixMonthSOFRMember2025-03-310001737924ncdlc:TwelveMonthSOFRMember2025-03-310001737924ncdlc:RestrictedSecurityMember2025-03-310001737924ncdlc:QualifyingAssetsMember2025-03-310001737924ncdlc:NonQualifyingAssetsMember2025-03-310001737924Arotech Corporation 12024-12-310001737924Arotech Corporation 22024-12-310001737924BlueHalo Global Holdings, LLC (AEgis Technologies)2024-12-310001737924ERA Industries, LLC (BTX Precision) 12024-12-310001737924ERA Industries, LLC (BTX Precision) 22024-12-310001737924PAG Holding Corp. (Precision Aviation Group) 12024-12-310001737924PAG Holding Corp. (Precision Aviation Group) 22024-12-310001737924Signia Aerospace, LLC 12024-12-310001737924Signia Aerospace, LLC 22024-12-310001737924STS Holding, Inc.2024-12-310001737924Turbine Engine Specialists, Inc.2024-12-310001737924Valkyrie Intermediate, LLC2024-12-310001737924ncdlc:AerospaceAndDefenseMemberus-gaap:DebtSecuritiesMember2024-12-310001737924Covercraft Parent III, Inc. 12024-12-310001737924High Bar Brands Operating, LLC 12024-12-310001737924High Bar Brands Operating, LLC 22024-12-310001737924JEGS Automotive 12024-12-310001737924JEGS Automotive 22024-12-310001737924OEP Glass Purchaser, LLC (PGW Auto Glass) 12024-12-310001737924OEP Glass Purchaser, LLC (PGW Auto Glass) 22024-12-310001737924Randys Holdings, Inc. (Randy's Worldwide Automotive) 12024-12-310001737924Randys Holdings, Inc. (Randy's Worldwide Automotive) 22024-12-310001737924RA Parent Holdings LP (S&S Truck Parts) 12024-12-310001737924RA Parent Holdings LP (S&S Truck Parts) 22024-12-310001737924RA Parent Holdings LP (S&S Truck Parts) 32024-12-310001737924RA Parent Holdings LP (S&S Truck Parts) 42024-12-310001737924us-gaap:AutomotiveSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001737924Accession Risk Management Group, Inc. (f/k/a RSC Acquisition Inc)2024-12-310001737924Ascend Partner Services LLC 12024-12-310001737924Ascend Partner Services LLC 22024-12-310001737924Big Apple Advisory, LLC 12024-12-310001737924Big Apple Advisory, LLC 22024-12-310001737924Big Apple Advisory, LLC 32024-12-310001737924Cohen Advisory, LLC 12024-12-310001737924Cohen Advisory, LLC 22024-12-310001737924Illumifin Corporation (Long Term Care Group)2024-12-310001737924Patriot Growth Insurance Services, LLC2024-12-310001737924Smith & Howard Advisory LLC 12024-12-310001737924Smith & Howard Advisory LLC 22024-12-310001737924Vensure Employer Services, Inc. 12024-12-310001737924Vensure Employer Services, Inc. 22024-12-310001737924World Insurance Associates, LLC2024-12-310001737924ncdlc:BankingFinanceInsuranceRealEstateMemberus-gaap:DebtSecuritiesMember2024-12-310001737924AmerCareRoyal, LLC 12024-12-310001737924AmerCareRoyal, LLC 22024-12-310001737924AmerCareRoyal, LLC 32024-12-310001737924Bardstown PPC Buyer LLC (Bardstown Bourbon Company) 12024-12-310001737924BCPE North Star US Holdco 2, Inc. (Dessert Holdings) 12024-12-310001737924BCPE North Star US Holdco 2, Inc. (Dessert Holdings) 22024-12-310001737924Boardwalk Buyer LLC (Death Wish Coffee)2024-12-310001737924Commercial Bakeries Corp. 12024-12-310001737924Commercial Bakeries Corp. 22024-12-310001737924FoodScience, LLC 12024-12-310001737924FoodScience, LLC 22024-12-310001737924IF&P Holding Company, LLC (Fresh Edge) 12024-12-310001737924IF&P Holding Company, LLC (Fresh Edge) 22024-12-310001737924IF&P Holding Company, LLC (Fresh Edge) 32024-12-310001737924LHS Acquistion, LLC (Summit Hill Foods)2024-12-310001737924Palmetto Acquisitionco, Inc. (Tech24) 12024-12-310001737924Palmetto Acquisitionco, Inc. (Tech24) 22024-12-310001737924Refresh Buyer, LLC (Sunny Sky Products) 12024-12-310001737924Refresh Buyer, LLC (Sunny Sky Products) 22024-12-310001737924Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC)2024-12-310001737924Watermill Express, LLC 12024-12-310001737924Watermill Express, LLC 22024-12-310001737924Watermill Express, LLC 32024-12-310001737924Watermill Express, LLC 42024-12-310001737924Watermill Express, LLC 52024-12-310001737924WCHG Buyer, Inc. (Handgards, LLC)2024-12-310001737924ncdlc:BeverageFoodTobaccoMemberus-gaap:DebtSecuritiesMember2024-12-310001737924Clean Solutions Buyer, Inc.2024-12-310001737924Engineered Fastener Company, LLC (EFC International)2024-12-310001737924FirstCall Mechanical Group, LLC 12024-12-310001737924FirstCall Mechanical Group, LLC 22024-12-310001737924Heartland Home Services, Inc. (Helios Buyer, Inc.) 12024-12-310001737924Heartland Home Services, Inc. (Helios Buyer, Inc.) 22024-12-310001737924Heartland Home Services, Inc. (Helios Buyer, Inc.) 32024-12-310001737924Hyperion Materials & Technologies, Inc.2024-12-310001737924Jetson Buyer, Inc. (E-Technologies Group, Inc.)2024-12-310001737924Ovation Holdings, Inc 12024-12-310001737924Ovation Holdings, Inc 22024-12-310001737924Ovation Holdings, Inc 32024-12-310001737924Ovation Holdings, Inc 42024-12-310001737924PT Intermediate Holdings III, LLC 12024-12-310001737924PT Intermediate Holdings III, LLC 22024-12-310001737924Rhino Intermediate Holding Company, LLC (Rhino Tool House) 12024-12-310001737924Rhino Intermediate Holding Company, LLC (Rhino Tool House) 22024-12-310001737924Service Logic Acquisition, Inc.2024-12-310001737924Thermostat Purchaser III, Inc. 12024-12-310001737924Thermostat Purchaser III, Inc. 22024-12-310001737924Vessco Midco Holdings, LLC 12024-12-310001737924Vessco Midco Holdings, LLC 22024-12-310001737924Vessco Midco Holdings, LLC 32024-12-310001737924ncdlc:CapitalEquipmentMemberus-gaap:DebtSecuritiesMember2024-12-310001737924Boulder Scientific Company, LLC2024-12-310001737924Chroma Color Corporation 12024-12-310001737924Chroma Color Corporation 22024-12-310001737924Olympic Buyer, Inc. (Ascensus)2024-12-310001737924TJC Spartech Acquisition Corp.2024-12-310001737924ncdlc:ChemicalsPlasticsRubberMemberus-gaap:DebtSecuritiesMember2024-12-310001737924Athlete Buyer, LLC (Allstar Holdings) 12024-12-310001737924Athlete Buyer, LLC (Allstar Holdings) 22024-12-310001737924Athlete Buyer, LLC (Allstar Holdings) 32024-12-310001737924Cobalt Service Partners, LLC 12024-12-310001737924Cobalt Service Partners, LLC 22024-12-310001737924Erie Construction Mid-West, LLC (Erie Construction)2024-12-310001737924Gannett Fleming, Inc. 12024-12-310001737924Gannett Fleming, Inc. 22024-12-310001737924Heartland Paving Partners, LLC 12024-12-310001737924Heartland Paving Partners, LLC 22024-12-310001737924Heartland Paving Partners, LLC 32024-12-310001737924ICE USA Infrastructure, Inc.2024-12-310001737924Java Buyer, Inc. (Sciens Building Solutions, LLC) 12024-12-310001737924Java Buyer, Inc. (Sciens Building Solutions, LLC) 22024-12-310001737924MEI Buyer LLC 12024-12-310001737924MEI Buyer LLC 22024-12-310001737924Rose Paving, LLC 12024-12-310001737924Rose Paving, LLC 22024-12-310001737924Royal Holdco Corporation (RMA Companies) 12024-12-310001737924Royal Holdco Corporation (RMA Companies) 22024-12-310001737924Royal Holdco Corporation (RMA Companies) 32024-12-310001737924Royal Holdco Corporation (RMA Companies) 42024-12-310001737924WSB Engineering Holdings Inc. 12024-12-310001737924WSB Engineering Holdings Inc. 22024-12-310001737924ncdlc:ConstructionBuildingMemberus-gaap:DebtSecuritiesMember2024-12-310001737924Halo Buyer, Inc.2024-12-310001737924XpressMyself.com LLC (SmartSign) 12024-12-310001737924XpressMyself.com LLC (SmartSign) 22024-12-310001737924ncdlc:ConsumerGoodsDurableMemberus-gaap:DebtSecuritiesMember2024-12-310001737924ACP Tara Holdings, Inc. 12024-12-310001737924ACP Tara Holdings, Inc. 22024-12-310001737924Gloves Buyer, Inc. (PIP)2024-12-310001737924KL Bronco Acquisition, Inc. (Elevation Labs) 12024-12-310001737924KL Bronco Acquisition, Inc. (Elevation Labs) 22024-12-310001737924MPG Parent Holdings, LLC (Market Performance Group) 12024-12-310001737924MPG Parent Holdings, LLC (Market Performance Group) 22024-12-310001737924Ultima Health Holdings, Inc.2024-12-310001737924ncdlc:ConsumerGoodsNonDurableMemberus-gaap:DebtSecuritiesMember2024-12-310001737924B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) 12024-12-310001737924B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) 22024-12-310001737924Five Star Lower Holding LLC (Five Star Packaging)2024-12-310001737924good2grow LLC 12024-12-310001737924good2grow LLC 22024-12-310001737924good2grow LLC 32024-12-310001737924Ivex Holdco Inc. (Specialized Packaging Group) 12024-12-310001737924Ivex Holdco Inc. (Specialized Packaging Group) 22024-12-310001737924Ivex Holdco Inc. (Specialized Packaging Group) 32024-12-310001737924Ivex Holdco Inc. (Specialized Packaging Group) 42024-12-310001737924Oliver Packaging, LLC 12024-12-310001737924Oliver Packaging, LLC 22024-12-310001737924Online Labels Group, LLC 12024-12-310001737924Online Labels Group, LLC 22024-12-310001737924Online Labels Group, LLC 32024-12-310001737924ncdlc:ContainersPackagingAndGlassMemberus-gaap:DebtSecuritiesMember2024-12-310001737924Matador US Buyer, LLC (Insulation Technology Group) 12024-12-310001737924Matador US Buyer, LLC (Insulation Technology Group) 22024-12-310001737924US MetalCo Holdings LLC (MGM Transformer Company) 12024-12-310001737924US MetalCo Holdings LLC (MGM Transformer Company) 22024-12-310001737924ncdlc:EnergyElectricityMemberus-gaap:DebtSecuritiesMember2024-12-310001737924CLS Management Services, LLC (Contract Land Staff) 12024-12-310001737924CLS Management Services, LLC (Contract Land Staff) 22024-12-310001737924CLS Management Services, LLC (Contract Land Staff) 32024-12-310001737924Impact Parent Corporation (Impact Environmental Group) 12024-12-310001737924Impact Parent Corporation (Impact Environmental Group) 22024-12-310001737924Impact Parent Corporation (Impact Environmental Group) 32024-12-310001737924Impact Parent Corporation (Impact Environmental Group) 42024-12-310001737924NFM & J, L.P. (The Facilities Group) 12024-12-310001737924NFM & J, L.P. (The Facilities Group) 22024-12-310001737924NFM & J, L.P. (The Facilities Group) 32024-12-310001737924NFM & J, L.P. (The Facilities Group) 42024-12-310001737924Nutrition 101 Buyer, LLC (101 Inc)2024-12-310001737924Orion Group FM Holdings, LLC (Leo Facilities) 12024-12-310001737924Orion Group FM Holdings, LLC (Leo Facilities) 22024-12-310001737924Orion Group FM Holdings, LLC (Leo Facilities) 32024-12-310001737924Orion Group FM Holdings, LLC (Leo Facilities) 42024-12-310001737924SI Solutions, LLC 12024-12-310001737924SI Solutions, LLC 22024-12-310001737924ncdlc:EnvironmentalIndustriesMemberus-gaap:DebtSecuritiesMember2024-12-310001737924AB Centers Acquisition Corporation (Action Behavior Centers) 12024-12-310001737924AB Centers Acquisition Corporation (Action Behavior Centers) 22024-12-310001737924AB Centers Acquisition Corporation (Action Behavior Centers) 32024-12-310001737924Affinity Hospice Intermediate Holdings, LLC2024-12-310001737924Anne Arundel Dermatology Management, LLC 12024-12-310001737924Anne Arundel Dermatology Management, LLC 22024-12-310001737924Anne Arundel Dermatology Management, LLC 32024-12-310001737924Anne Arundel Dermatology Management, LLC 42024-12-310001737924Bridges Consumer Healthcare Intermediate LLC 12024-12-310001737924Bridges Consumer Healthcare Intermediate LLC 22024-12-310001737924Coding Solutions Acquisition, Inc. 12024-12-310001737924Coding Solutions Acquisition, Inc. 22024-12-310001737924Coding Solutions Acquisition, Inc. 32024-12-310001737924Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology)2024-12-310001737924Eyesouth Eye Care Holdco LLC 12024-12-310001737924Eyesouth Eye Care Holdco LLC 22024-12-310001737924FH DMI Buyer, Inc. 12024-12-310001737924FH DMI Buyer, Inc. 22024-12-310001737924Genesee Scientific LLC 12024-12-310001737924Genesee Scientific LLC 22024-12-310001737924GHR Healthcare, LLC 12024-12-310001737924GHR Healthcare, LLC 22024-12-310001737924GHR Healthcare, LLC 32024-12-310001737924GHR Healthcare, LLC 42024-12-310001737924GHR Healthcare, LLC 52024-12-310001737924GHR Healthcare, LLC 62024-12-310001737924GHR Healthcare, LLC 72024-12-310001737924Health Management Associates, Inc. 12024-12-310001737924Health Management Associates, Inc. 22024-12-310001737924Heartland Veterinary Partners LLC 12024-12-310001737924Heartland Veterinary Partners LLC 22024-12-310001737924Heartland Veterinary Partners LLC 32024-12-310001737924Healthspan Buyer, LLC (Thorne HealthTech)2024-12-310001737924HemaSource, Inc.2024-12-310001737924HMN Acquirer Corp. 12024-12-310001737924HMN Acquirer Corp. 22024-12-310001737924Infucare Rx Inc2024-12-310001737924MDC Intermediate Holdings II, LLC (Mosaic Dental) 12024-12-310001737924MDC Intermediate Holdings II, LLC (Mosaic Dental) 22024-12-310001737924Midwest Eye Services, LLC2024-12-310001737924Promptcare Infusion Buyer, Inc. 12024-12-310001737924Promptcare Infusion Buyer, Inc. 22024-12-310001737924Promptcare Infusion Buyer, Inc. 32024-12-310001737924QHR Health, LLC 12024-12-310001737924QHR Health, LLC 22024-12-310001737924QHR Health, LLC 32024-12-310001737924Sandlot Buyer, LLC (Prime Time Healthcare) 12024-12-310001737924Sandlot Buyer, LLC (Prime Time Healthcare) 22024-12-310001737924Smile Brands Inc.2024-12-310001737924SM Wellness Holdings, Inc. (Solis Mammography)2024-12-310001737924Southern Veterinary Partners, LLC2024-12-310001737924TBRS, Inc. 12024-12-310001737924TBRS, Inc. 22024-12-310001737924TBRS, Inc. 32024-12-310001737924Tidi Legacy Products, Inc. 12024-12-310001737924Tidi Legacy Products, Inc. 22024-12-310001737924VMG Holdings LLC (VMG Health) 12024-12-310001737924VMG Holdings LLC (VMG Health) 22024-12-310001737924Wellspring Pharmaceutical Corporation 12024-12-310001737924Wellspring Pharmaceutical Corporation 22024-12-310001737924Wellspring Pharmaceutical Corporation 32024-12-310001737924Wellspring Pharmaceutical Corporation 42024-12-310001737924Wellspring Pharmaceutical Corporation 52024-12-310001737924YI, LLC (Young Innovations) 12024-12-310001737924YI, LLC (Young Innovations) 22024-12-310001737924ncdlc:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMember2024-12-310001737924Alta Buyer, LLC (GoEngineer) 12024-12-310001737924Alta Buyer, LLC (GoEngineer) 22024-12-310001737924Alta Buyer, LLC (GoEngineer) 32024-12-310001737924Cedar Services Group, LLC (Evergreen Services Group II) 12024-12-310001737924Cedar Services Group, LLC (Evergreen Services Group II) 22024-12-310001737924Diligent Corporation (fka Diamond Merger Sub II, Corp.) 12024-12-310001737924Diligent Corporation (fka Diamond Merger Sub II, Corp.) 22024-12-310001737924Diligent Corporation (fka Diamond Merger Sub II, Corp.) 32024-12-310001737924Eliassen Group, LLC 12024-12-310001737924Eliassen Group, LLC 22024-12-310001737924Ensono, Inc.2024-12-310001737924Exterro, Inc.2024-12-310001737924Infobase Acquisition, Inc.2024-12-310001737924North Haven CS Acquisition, Inc. 12024-12-310001737924North Haven CS Acquisition, Inc. 22024-12-310001737924Prosci, Inc.2024-12-310001737924Quartz Holding Company (Quickbase)2024-12-310001737924Revalize Inc. (f/k/a AQ Holdco Inc.) 12024-12-310001737924Revalize Inc. (f/k/a AQ Holdco Inc.) 22024-12-310001737924Revalize Inc. (f/k/a AQ Holdco Inc.) 32024-12-310001737924Ridge Trail US Bidco, Inc. (Options IT) 12024-12-310001737924Ridge Trail US Bidco, Inc. (Options IT) 22024-12-310001737924Ridge Trail US Bidco, Inc. (Options IT) 32024-12-310001737924Smart Wave Technologies, Inc.2024-12-310001737924Solve Industrial Motion Group LLC 12024-12-310001737924Solve Industrial Motion Group LLC 22024-12-310001737924Solve Industrial Motion Group LLC 32024-12-310001737924Venture Buyer, LLC (Velosio) 12024-12-310001737924Venture Buyer, LLC (Velosio) 22024-12-310001737924ncdlc:HighTechIndustriesMemberus-gaap:DebtSecuritiesMember2024-12-310001737924Davidson Hotel Company LLC 12024-12-310001737924Davidson Hotel Company LLC 22024-12-310001737924ncdlc:HotelGameLeisureMemberus-gaap:DebtSecuritiesMember2024-12-310001737924Calienger Acquisition, L.L.C. (Wpromote, LLC)2024-12-310001737924Tinuiti Inc. 12024-12-310001737924Tinuiti Inc. 22024-12-310001737924Tinuiti Inc. 32024-12-310001737924ncdlc:MediaAdvertisingPrintingPublishingMemberus-gaap:DebtSecuritiesMember2024-12-310001737924BroadcastMed Holdco, LLC 12024-12-310001737924Corporate Visions, Inc. (CVI Parent, Inc.) 12024-12-310001737924Corporate Visions, Inc. (CVI Parent, Inc.) 22024-12-310001737924MSM Acquisitions, Inc. (Spectrio) 12024-12-310001737924MSM Acquisitions, Inc. (Spectrio) 22024-12-310001737924MSM Acquisitions, Inc. (Spectrio) 32024-12-310001737924ncdlc:MediaDiversifiedProductionMemberus-gaap:DebtSecuritiesMember2024-12-310001737924Syndigo LLC2024-12-310001737924us-gaap:RetailSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001737924ALKU Intermediate Holdings, LLC2024-12-310001737924Archer Acquisition, LLC (ARMstrong) 12024-12-310001737924Archer Acquisition, LLC (ARMstrong) 22024-12-310001737924Azalea TopCo, Inc. (Press Ganey)2024-12-310001737924Bounteous, Inc. 12024-12-310001737924Bounteous, Inc. 22024-12-310001737924Bounteous, Inc. 32024-12-310001737924Bounteous, Inc. 42024-12-310001737924Bullhorn, Inc.2024-12-310001737924Businessolver.com, Inc. 12024-12-310001737924Businessolver.com, Inc. 22024-12-310001737924Caldwell & Gregory LLC2024-12-310001737924CDL Marketing Group, LLC (Career Now)2024-12-310001737924Cornerstone Advisors of Arizona, LLC 12024-12-310001737924Cornerstone Advisors of Arizona, LLC 22024-12-310001737924Cornerstone Advisors of Arizona, LLC 32024-12-310001737924Cornerstone Advisors of Arizona, LLC 42024-12-310001737924DH United Holdings, LLC (D&H United Fueling Solutions) 12024-12-310001737924DH United Holdings, LLC (D&H United Fueling Solutions) 22024-12-310001737924DH United Holdings, LLC (D&H United Fueling Solutions) 32024-12-310001737924DH United Holdings, LLC (D&H United Fueling Solutions) 42024-12-310001737924DH United Holdings, LLC (D&H United Fueling Solutions) 52024-12-310001737924Element 78 Partners, LLC (E78) 12024-12-310001737924Element 78 Partners, LLC (E78) 22024-12-310001737924Element 78 Partners, LLC (E78) 32024-12-310001737924Element 78 Partners, LLC (E78) 42024-12-310001737924Element 78 Partners, LLC (E78) 52024-12-310001737924Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) 12024-12-310001737924Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) 22024-12-310001737924Esquire Deposition Solutions, LLC2024-12-310001737924Gabriel Partners, LLC 12024-12-310001737924Gabriel Partners, LLC 22024-12-310001737924Gabriel Partners, LLC 32024-12-310001737924Gabriel Partners, LLC 42024-12-310001737924ImageFirst Holdings, LLC2024-12-310001737924Integrated Power Services Holdings, Inc. 12024-12-310001737924Integrated Power Services Holdings, Inc. 22024-12-310001737924KENG Acquisition, Inc. (Engage PEO) 12024-12-310001737924KENG Acquisition, Inc. (Engage PEO) 22024-12-310001737924KENG Acquisition, Inc. (Engage PEO) 32024-12-310001737924KRIV Acquisition, Inc. (Riveron) 12024-12-310001737924KRIV Acquisition, Inc. (Riveron) 22024-12-310001737924LRN Corporation (Lion Merger Sub, Inc.) 12024-12-310001737924LRN Corporation (Lion Merger Sub, Inc.) 22024-12-310001737924LSCS Holdings, Inc. (Dohmen)2024-12-310001737924OCM System One Buyer CTB, LLC (System One)2024-12-310001737924Olympus US Bidco LLC (Phaidon International)2024-12-310001737924Output Services Group, Inc. 12024-12-310001737924Output Services Group, Inc. 22024-12-310001737924PLZ Corp (PLZ Aeroscience)2024-12-310001737924Redwood Services Group, LLC (Evergreen Services Group) 12024-12-310001737924Redwood Services Group, LLC (Evergreen Services Group) 22024-12-310001737924Safety Infrastructure Services Intermediate LLC2024-12-310001737924Sagebrush Buyer, LLC (Province)2024-12-310001737924Scaled Agile, Inc. 12024-12-310001737924Scaled Agile, Inc. 22024-12-310001737924TSS Buyer, LLC (Technical Safety Services) 12024-12-310001737924TSS Buyer, LLC (Technical Safety Services) 22024-12-310001737924TSS Buyer, LLC (Technical Safety Services) 32024-12-310001737924Transit Buyer, LLC (Propark Mobility) 12024-12-310001737924Transit Buyer, LLC (Propark Mobility) 22024-12-310001737924Transit Buyer, LLC (Propark Mobility) 32024-12-310001737924Trilon Group, LLC 12024-12-310001737924Trilon Group, LLC 22024-12-310001737924Victors CCC Buyer LLC (CrossCountry Consulting) 12024-12-310001737924Victors CCC Buyer LLC (CrossCountry Consulting) 22024-12-310001737924VRC Companies, LLC (Vital Records Control) 12024-12-310001737924VRC Companies, LLC (Vital Records Control) 22024-12-310001737924VSTG Intermediate Holdings, Inc. (Vistage Worldwide, Inc.)2024-12-310001737924ncdlc:ServicesBusinessMemberus-gaap:DebtSecuritiesMember2024-12-310001737924360 Holdco, Inc. (360 Training) 12024-12-310001737924360 Holdco, Inc. (360 Training) 22024-12-310001737924ADPD Holdings LLC (NearU) 12024-12-310001737924ADPD Holdings LLC (NearU) 22024-12-310001737924ADPD Holdings LLC (NearU) 32024-12-310001737924AMS Parent, LLC (All My Sons)2024-12-310001737924Apex Service Partners, LLC 12024-12-310001737924Apex Service Partners, LLC 22024-12-310001737924Apex Service Partners, LLC 32024-12-310001737924Apex Service Partners, LLC 42024-12-310001737924Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) 12024-12-310001737924Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) 22024-12-310001737924Excel Fitness Holdings, Inc. 12024-12-310001737924Excel Fitness Holdings, Inc. 22024-12-310001737924Legacy Service Partners, LLC 12024-12-310001737924Legacy Service Partners, LLC 22024-12-310001737924Legacy Service Partners, LLC 32024-12-310001737924Liberty Buyer, Inc. (Liberty Group) 12024-12-310001737924Liberty Buyer, Inc. (Liberty Group) 22024-12-310001737924National Renovations LLC (Repipe Specialists) 12024-12-310001737924National Renovations LLC (Repipe Specialists) 22024-12-310001737924NJEye LLC 12024-12-310001737924NJEye LLC 22024-12-310001737924NJEye LLC 32024-12-310001737924NJEye LLC 42024-12-310001737924North Haven Fairway Buyer, LLC (Fairway Lawns) 12024-12-310001737924North Haven Fairway Buyer, LLC (Fairway Lawns) 22024-12-310001737924North Haven Fairway Buyer, LLC (Fairway Lawns) 32024-12-310001737924North Haven Spartan US Holdco LLC 12024-12-310001737924North Haven Spartan US Holdco LLC 22024-12-310001737924North Haven Spartan US Holdco LLC 32024-12-310001737924One World Fitness PFF, LLC2024-12-310001737924Perennial Services Group, LLC 12024-12-310001737924Perennial Services Group, LLC 22024-12-310001737924Wrench Group LLC2024-12-310001737924us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001737924Renaissance Buyer, LLC (LMI Consulting, LLC)2024-12-310001737924ncdlc:SovereignAndPublicFinanceMemberus-gaap:DebtSecuritiesMember2024-12-310001737924BCM One, Inc. 12024-12-310001737924BCM One, Inc. 22024-12-310001737924MBS Holdings, Inc. 12024-12-310001737924MBS Holdings, Inc. 22024-12-310001737924MBS Holdings, Inc. 32024-12-310001737924Mobile Communications America, Inc. 12024-12-310001737924Mobile Communications America, Inc. 22024-12-310001737924Sapphire Telecom, Inc.2024-12-310001737924Tyto Athene, LLC2024-12-310001737924ncdlc:TelecommunicationsMemberus-gaap:DebtSecuritiesMember2024-12-310001737924Armstrong Midco, LLC (Armstrong Transport Group)2024-12-310001737924Armstrong Transport Group, LLC2024-12-310001737924A&R Logistics Holdings, Inc. (Quantix SCS, LLC) 12024-12-310001737924A&R Logistics Holdings, Inc. (Quantix SCS, LLC) 22024-12-310001737924A&R Logistics Holdings, Inc. (Quantix SCS, LLC) 32024-12-310001737924A&R Logistics Holdings, Inc. (Quantix SCS, LLC) 42024-12-310001737924A&R Logistics Holdings, Inc. (Quantix SCS, LLC) 52024-12-310001737924FSK Pallet Holding Corp. (Kamps Pallets)2024-12-310001737924Kenco PPC Buyer LLC 12024-12-310001737924Kenco PPC Buyer LLC 22024-12-310001737924Kenco PPC Buyer LLC 32024-12-310001737924R1 Holdings, LLC (RoadOne)2024-12-310001737924SEKO Global Logistics Network, LLC 12024-12-310001737924SEKO Global Logistics Network, LLC 22024-12-310001737924TI Acquisition NC, LLC2024-12-310001737924ncdlc:TransportationCargoMemberus-gaap:DebtSecuritiesMember2024-12-310001737924American Student Transportation Partners, Inc.2024-12-310001737924EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) 12024-12-310001737924EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) 22024-12-310001737924ncdlc:TransportationConsumerMemberus-gaap:DebtSecuritiesMember2024-12-310001737924CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) 12024-12-310001737924CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) 22024-12-310001737924CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) 32024-12-310001737924DMC Holdco, LLC (DMC Power) 12024-12-310001737924DMC Holdco, LLC (DMC Power) 22024-12-310001737924Pinnacle Supply Partners, LLC 12024-12-310001737924Pinnacle Supply Partners, LLC 22024-12-310001737924ncdlc:UtilitiesElectricMemberus-gaap:DebtSecuritiesMember2024-12-310001737924USA Water Intermediate Holdings, LLC 12024-12-310001737924USA Water Intermediate Holdings, LLC 22024-12-310001737924ncdlc:UtilitiesWaterMemberus-gaap:DebtSecuritiesMember2024-12-310001737924INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) 12024-12-310001737924INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) 22024-12-310001737924ISG Enterprises, LLC (Industrial Service Group) 12024-12-310001737924ISG Enterprises, LLC (Industrial Service Group) 22024-12-310001737924Micronics Filtration Holdings, Inc.2024-12-310001737924TPC Wire & Cable Corp. 12024-12-310001737924TPC Wire & Cable Corp. 22024-12-310001737924TPC Wire & Cable Corp. 32024-12-310001737924ncdlc:WholesaleMemberus-gaap:DebtSecuritiesMember2024-12-310001737924us-gaap:DebtSecuritiesMember2024-12-310001737924BPC Kodiak LLC (Turbine Engine Specialists)2024-12-310001737924ncdlc:AerospaceAndDefenseMemberus-gaap:EquitySecuritiesMember2024-12-310001737924Covercraft Parent III, Inc. 22024-12-310001737924Buckeye Group Holdings, L.P. (JEGS Automotive) 12024-12-310001737924Buckeye Group Holdings, L.P. (JEGS Automotive) 22024-12-310001737924Buckeye Group Holdings, L.P. (JEGS Automotive) 32024-12-310001737924HBB Parent, LLC (High Bar Brands)2024-12-310001737924Pegasus Aggregator Holdings LP (S&S Truck Parts)2024-12-310001737924Phoenix Topco Holdings LP (S&S Truck Parts) 12024-12-310001737924Phoenix Topco Holdings LP (S&S Truck Parts) 22024-12-310001737924us-gaap:AutomotiveSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001737924Bardstown PPC Buyer LLC (Bardstown Bourbon Company) 22024-12-310001737924VCP Tech24 Co-Invest Aggregator LP (Tech24)2024-12-310001737924WPP Fairway Aggregator B, L.P (Fresh Edge) 12024-12-310001737924WPP Fairway Aggregator B, L.P (Fresh Edge) 22024-12-310001737924ncdlc:BeverageFoodTobaccoMemberus-gaap:EquitySecuritiesMember2024-12-310001737924CMG HoldCo, LLC (Crete)2024-12-310001737924EFC Holdings, LLC (EFC International) 12024-12-310001737924EFC Holdings, LLC (EFC International) 22024-12-310001737924E-Tech Holdings partnership, L.P. (E-Technologies Group, Inc.)2024-12-310001737924Lapmaster Co-Investment, LLC (Precision Surfacing Solutions)2024-12-310001737924ncdlc:CapitalEquipmentMemberus-gaap:EquitySecuritiesMember2024-12-310001737924Erie Construction, LLC (Erie Construction)2024-12-310001737924Oceansound Partners Co-Invest II, LP (Gannett Fleming)2024-12-310001737924OSP Gannett Aggregator, LP (Gannett Fleming)2024-12-310001737924RPI Investments LP (Rose Paving)2024-12-310001737924ncdlc:ConstructionBuildingMemberus-gaap:EquitySecuritiesMember2024-12-310001737924FS Parent Holding, LLC (FoodScience LLC) 12024-12-310001737924FS Parent Holding, LLC (FoodScience LLC) 22024-12-310001737924Ultima Health Holdings, LLC2024-12-310001737924ncdlc:ConsumerGoodsNonDurableMemberus-gaap:EquitySecuritiesMember2024-12-310001737924Conversion Holdings, L.P. (Specialized Packaging Group)2024-12-310001737924Oliver Investors, LP (Oliver Packaging)2024-12-310001737924ncdlc:ContainersPackagingAndGlassMemberus-gaap:EquitySecuritiesMember2024-12-310001737924HMA Equity, LP (Health Management Associates)2024-12-310001737924MDC Group Holdings, LP (Mosaic Dental)2024-12-310001737924REP Coinvest III AAD, L.P. (Anne Arundel)2024-12-310001737924REP HS Holdings, LLC (HemaSource)2024-12-310001737924ncdlc:HealthcareAndPharmaceuticalsMemberus-gaap:EquitySecuritiesMember2024-12-310001737924Solve Group Holdings, L.P. (Solve Industrial)2024-12-310001737924ncdlc:HighTechIndustriesMember2024-12-310001737924BroadcastMed Holdco, LLC 22024-12-310001737924ncdlc:MediaDiversifiedProductionMember2024-12-310001737924CDL Marketing Group, LLC (Career Now) 12024-12-310001737924CDL Marketing Group, LLC (Career Now) 22024-12-310001737924Concord FG Holdings, LP (E78)2024-12-310001737924Geds Equity Investors, LP (Esquire Deposition Services)2024-12-310001737924KRIV Co-Invest Holdings, L.P. (Riveron)2024-12-310001737924North Haven Terrapin IntermediateCo, LLC (Apex Companies)2024-12-310001737924OSG Topco Holdings, LLC (Output Services Group, Inc.)2024-12-310001737924ncdlc:ServicesBusinessMemberus-gaap:EquitySecuritiesMember2024-12-310001737924Entomo Brands Acquisitions, Inc. 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Holdco, Inc. (360 Training) - Delayed Draw Loan2025-03-310001737924360 Holdco, Inc. (360 Training) - Delayed Draw Loan2024-12-310001737924AB Centers Acquisition Corporation (Action Behavior Centers) - Delayed Draw Loan2025-03-310001737924AB Centers Acquisition Corporation (Action Behavior Centers) - Delayed Draw Loan2024-12-310001737924ACP Maverick Holdings, Inc. - Delayed Draw Loan2025-03-310001737924ACP Maverick Holdings, Inc. - Delayed Draw Loan2024-12-310001737924ADPD Holdings LLC (NearU) - Delayed Draw Loan2025-03-310001737924ADPD Holdings LLC (NearU) - Delayed Draw Loan2024-12-310001737924All4 Buyer, LLC - Delayed Draw Loan2025-03-310001737924All4 Buyer, LLC - Delayed Draw Loan2024-12-310001737924AmerCareRoyal, LLC - Delayed Draw Loan2025-03-310001737924AmerCareRoyal, LLC - Delayed Draw Loan2024-12-310001737924Anne Arundel Dermatology Management, LLC - Delayed Draw Loan2025-03-310001737924Anne Arundel Dermatology Management, LLC - Delayed Draw Loan2024-12-310001737924Apex Service Partners, LLC - Delayed Draw Loan2025-03-310001737924Apex Service Partners, LLC - Delayed Draw Loan2024-12-310001737924Apex Service Partners, LLC - Revolving Loan2025-03-310001737924Apex Service Partners, LLC - Revolving Loan2024-12-310001737924Archer Acquisition, LLC (ARMstrong) - Delayed Draw Loan2025-03-310001737924Archer Acquisition, LLC (ARMstrong) - Delayed Draw Loan2024-12-310001737924Ascend Partner Services LLC - Delayed Draw Loan2025-03-310001737924Ascend Partner Services LLC - Delayed Draw Loan2024-12-310001737924Athlete Buyer, LLC (Allstar Holdings) - Delayed Draw Loan2025-03-310001737924Athlete Buyer, LLC (Allstar Holdings) - Delayed Draw Loan2024-12-310001737924Big Apple Advisory, LLC - Delayed Draw Loan2025-03-310001737924Big Apple Advisory, LLC - Delayed Draw Loan2024-12-310001737924Big Apple Advisory, LLC - Revolving Loan2025-03-310001737924Big Apple Advisory, LLC - Revolving Loan2024-12-310001737924Bluebird PM Buyer, Inc. - Delayed Draw Loan2025-03-310001737924Bluebird PM Buyer, Inc. - Delayed Draw Loan2024-12-310001737924Bridges Consumer Healthcare Intermediate LLC - Delayed Draw Loan2025-03-310001737924Bridges Consumer Healthcare Intermediate LLC - Delayed Draw Loan2024-12-310001737924Businessolver.com, Inc. - Delayed Draw Loan2025-03-310001737924Businessolver.com, Inc. - Delayed Draw Loan2024-12-310001737924CLS Management Services, LLC (Contract Land Staff) - Delayed Draw Loan2025-03-310001737924CLS Management Services, LLC (Contract Land Staff) - Delayed Draw Loan2024-12-310001737924Cobalt Service Partners, LLC - Delayed Draw Loan2025-03-310001737924Cobalt Service Partners, LLC - Delayed Draw Loan2024-12-310001737924Coding Solutions Acquisition, Inc. - Delayed Draw Loan2025-03-310001737924Coding Solutions Acquisition, Inc. - Delayed Draw Loan2024-12-310001737924Coding Solutions Acquisition, Inc. - Revolving Loan2025-03-310001737924Coding Solutions Acquisition, Inc. - Revolving Loan2024-12-310001737924Cohen Advisory, LLC - Delayed Draw Loan2025-03-310001737924Cohen Advisory, LLC - Delayed Draw Loan2024-12-310001737924CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) - Delayed Draw Loan2025-03-310001737924CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) - Delayed Draw Loan2024-12-310001737924CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) - Revolving Loan2025-03-310001737924CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) - Revolving Loan2024-12-310001737924Davidson Hotel Company LLC - Delayed Draw Loan2025-03-310001737924Davidson Hotel Company LLC - Delayed Draw Loan2024-12-310001737924DH United Holdings, LLC (D&H United Fueling Solutions) - Delayed Draw Loan2025-03-310001737924DH United Holdings, LLC (D&H United Fueling Solutions) - Delayed Draw Loan2024-12-310001737924Diligent Corporation (fka Diamond Merger Sub II, Corp.) - Delayed Draw Loan2025-03-310001737924Diligent Corporation (fka Diamond Merger Sub II, Corp.) - Delayed Draw Loan2024-12-310001737924DMC Holdco, LLC (DMC Power) - Delayed Draw Loan2025-03-310001737924DMC Holdco, LLC (DMC Power) - Delayed Draw Loan2024-12-310001737924Element 78 Partners, LLC (E78) - Delayed Draw Loan2025-03-310001737924Element 78 Partners, LLC (E78) - Delayed Draw Loan2024-12-310001737924ERA Industries, LLC (BTX Precision) - Delayed Draw Loan2025-03-310001737924ERA Industries, LLC (BTX Precision) - Delayed Draw Loan2024-12-310001737924EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) - Delayed Draw Loan2025-03-310001737924EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) - Delayed Draw Loan2024-12-310001737924Excel Fitness Holdings, Inc. - Delayed Draw Loan2025-03-310001737924Excel Fitness Holdings, Inc. - Delayed Draw Loan2024-12-310001737924FH DMI Buyer, Inc. - Delayed Draw Loan2025-03-310001737924FH DMI Buyer, Inc. - Delayed Draw Loan2024-12-310001737924FirstCall Mechanical Group, LLC - Delayed Draw Loan2025-03-310001737924FirstCall Mechanical Group, LLC - Delayed Draw Loan2024-12-310001737924FoodScience, LLC - Delayed Draw Loan2025-03-310001737924FoodScience, LLC - Delayed Draw Loan2024-12-310001737924Gannett Fleming, Inc. - Revolving Loan2025-03-310001737924Gannett Fleming, Inc. - Revolving Loan2024-12-310001737924GHR Healthcare, LLC - Delayed Draw Loan2025-03-310001737924GHR Healthcare, LLC - Delayed Draw Loan2024-12-310001737924Health Management Associates, Inc. - Delayed Draw Loan2025-03-310001737924Health Management Associates, Inc. - Delayed Draw Loan2024-12-310001737924Heartland Paving Partners, LLC - Delayed Draw Loan2025-03-310001737924Heartland Paving Partners, LLC - Delayed Draw Loan2024-12-310001737924Heartland Veterinary Partners LLC - Delayed Draw Loan2025-03-310001737924Heartland Veterinary Partners LLC - Delayed Draw Loan2024-12-310001737924High Bar Brands Operating, LLC - Delayed Draw Loan2025-03-310001737924High Bar Brands Operating, LLC - Delayed Draw Loan2024-12-310001737924HMN Acquirer Corp. - Delayed Draw Loan2025-03-310001737924HMN Acquirer Corp. - Delayed Draw Loan2024-12-310001737924Impact Advisors, LLC - Delayed Draw Loan2025-03-310001737924Impact Advisors, LLC - Delayed Draw Loan2024-12-310001737924INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) - Delayed Draw Loan2025-03-310001737924INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) - Delayed Draw Loan2024-12-310001737924Integrated Power Services Holdings, Inc. - Delayed Draw Loan2025-03-310001737924Integrated Power Services Holdings, Inc. - Delayed Draw Loan2024-12-310001737924JKC Buyer, Inc. (J. Knipper and Company Inc) - Delayed Draw Loan2025-03-310001737924JKC Buyer, Inc. (J. Knipper and Company Inc) - Delayed Draw Loan2024-12-310001737924Kenco PPC Buyer LLC - Delayed Draw Loan2025-03-310001737924Kenco PPC Buyer LLC - Delayed Draw Loan2024-12-310001737924KENG Acquisition, Inc. (Enagage PEO) - Delayed Draw Loan2025-03-310001737924KENG Acquisition, Inc. (Enagage PEO) - Delayed Draw Loan2024-12-310001737924KL Bronco Acquisition, Inc. (Elevation Labs) - Delayed Draw Loan2025-03-310001737924KL Bronco Acquisition, Inc. (Elevation Labs) - Delayed Draw Loan2024-12-310001737924Lavie Group, Inc. - Delayed Draw Loan2025-03-310001737924Lavie Group, Inc. - Delayed Draw Loan2024-12-310001737924Liberty Buyer, Inc. (Liberty Group) - Delayed Draw Loan2025-03-310001737924Liberty Buyer, Inc. (Liberty Group) - Delayed Draw Loan2024-12-310001737924Matador US Buyer, LLC (Insulation Technology Group) - Delayed Draw Loan2025-03-310001737924Matador US Buyer, LLC (Insulation Technology Group) - Delayed Draw Loan2024-12-310001737924MEI Buyer LLC - Delayed Draw Loan2025-03-310001737924MEI Buyer LLC - Delayed Draw Loan2024-12-310001737924Mobile Communications America, Inc. - Delayed Draw Loan2025-03-310001737924Mobile Communications America, Inc. - Delayed Draw Loan2024-12-310001737924NFM & J, L.P. (The Facilities Group) - Delayed Draw Loan2025-03-310001737924NFM & J, L.P. (The Facilities Group) - Delayed Draw Loan2024-12-310001737924North Haven Fairway Buyer, LLC (Fairway Lawns) - Delayed Draw Loan2025-03-310001737924North Haven Fairway Buyer, LLC (Fairway Lawns) - Delayed Draw Loan2024-12-310001737924North Haven Spartan US Holdco LLC - Delayed Draw Loan2025-03-310001737924North Haven Spartan US Holdco LLC - Delayed Draw Loan2024-12-310001737924Online Labels Group, LLC - Delayed Draw Loan2025-03-310001737924Online Labels Group, LLC - Delayed Draw Loan2024-12-310001737924Orion Group FM Holdings, LLC (Leo Facilities) - Delayed Draw Loan2025-03-310001737924Orion Group FM Holdings, LLC (Leo Facilities) - Delayed Draw Loan2024-12-310001737924Ovation Holdings, Inc - Delayed Draw Loan2025-03-310001737924Ovation Holdings, Inc - Delayed Draw Loan2024-12-310001737924Palmetto Acquisitionco, Inc. (Tech24) - Delayed Draw Loan2025-03-310001737924Palmetto Acquisitionco, Inc. (Tech24) - Delayed Draw Loan2024-12-310001737924Pinnacle Supply Partners, LLC - Delayed Draw Loan2025-03-310001737924Pinnacle Supply Partners, LLC - Delayed Draw Loan2024-12-310001737924Promptcare Infusion Buyer, Inc. - Delayed Draw Loan2025-03-310001737924Promptcare Infusion Buyer, Inc. - Delayed Draw Loan2024-12-310001737924PT Intermediate Holdings III, LLC - Delayed Draw Loan2025-03-310001737924PT Intermediate Holdings III, LLC - Delayed Draw Loan2024-12-310001737924Randys Holdings, Inc. (Randy's Worldwide Automotive) - Delayed Draw Loan2025-03-310001737924Randys Holdings, Inc. (Randy's Worldwide Automotive) - Delayed Draw Loan2024-12-310001737924Redwood Services Group, LLC (Evergreen Services Group) - Delayed Draw Loan2025-03-310001737924Redwood Services Group, LLC (Evergreen Services Group) - Delayed Draw Loan2024-12-310001737924Refresh Buyer, LLC (Sunny Sky Products) - Delayed Draw Loan2025-03-310001737924Refresh Buyer, LLC (Sunny Sky Products) - Delayed Draw Loan2024-12-310001737924Ridge Trail US Bidco, Inc. (Options IT) - Delayed Draw Loan2025-03-310001737924Ridge Trail US Bidco, Inc. (Options IT) - Delayed Draw Loan2024-12-310001737924Ridge Trail US Bidco, Inc. (Options IT) - Revolving Loan2025-03-310001737924Ridge Trail US Bidco, Inc. (Options IT) - Revolving Loan2024-12-310001737924Rose Paving, LLC - Delayed Draw Loan2025-03-310001737924Rose Paving, LLC - Delayed Draw Loan2024-12-310001737924Royal Holdco Corporation (RMA Companies) - Delayed Draw Loan2025-03-310001737924Royal Holdco Corporation (RMA Companies) - Delayed Draw Loan2024-12-310001737924Safety Infrastructure Services Intermediate LLC - Delayed Draw Loan2025-03-310001737924Safety Infrastructure Services Intermediate LLC - Delayed Draw Loan2024-12-310001737924SCIC Buyer, Inc. - Delayed Draw Loan2025-03-310001737924SCIC Buyer, Inc. - Delayed Draw Loan2024-12-310001737924Secretariat Advisors LLC - Delayed Draw Loan2025-03-310001737924Secretariat Advisors LLC - Delayed Draw Loan2024-12-310001737924SI Solutions, LLC - Delayed Draw Loan2025-03-310001737924SI Solutions, LLC - Delayed Draw Loan2024-12-310001737924Signia Aerospace, LLC - Delayed Draw Loan2025-03-310001737924Signia Aerospace, LLC - Delayed Draw Loan2024-12-310001737924Smith & Howard Advisory LLC - Delayed Draw Loan2025-03-310001737924Smith & Howard Advisory LLC - Delayed Draw Loan2024-12-310001737924Tau Buyer, LLC - Delayed Draw Loan2025-03-310001737924Tau Buyer, LLC - Delayed Draw Loan2024-12-310001737924Tau Buyer, LLC - Revolving Loan2025-03-310001737924Tau Buyer, LLC - Revolving Loan2024-12-310001737924TBRS, Inc. - Delayed Draw Loan2025-03-310001737924TBRS, Inc. - Delayed Draw Loan2024-12-310001737924TBRS, Inc. - Revolving Loan2025-03-310001737924TBRS, Inc. - Revolving Loan2024-12-310001737924Thermostat Purchaser III, Inc. - Delayed Draw Loan2025-03-310001737924Thermostat Purchaser III, Inc. - Delayed Draw Loan2024-12-310001737924Tidi Legacy Products, Inc. - Delayed Draw Loan2025-03-310001737924Tidi Legacy Products, Inc. - Delayed Draw Loan2024-12-310001737924Transit Buyer, LLC (Propark Mobility) - Delayed Draw Loan2025-03-310001737924Transit Buyer, LLC (Propark Mobility) - Delayed Draw Loan2024-12-310001737924TSS Buyer, LLC (Technical Safety Services) - Delayed Draw Loan2025-03-310001737924TSS Buyer, LLC (Technical Safety Services) - Delayed Draw Loan2024-12-310001737924USA Water Intermediate Holdings, LLC - Delayed Draw Loan2025-03-310001737924USA Water Intermediate Holdings, LLC - Delayed Draw Loan2024-12-310001737924Vensure Employer Services, Inc. - Delayed Draw Loan2025-03-310001737924Vensure Employer Services, Inc. - Delayed Draw Loan2024-12-310001737924Venture Buyer, LLC (Velosio) - Delayed Draw Loan2025-03-310001737924Venture Buyer, LLC (Velosio) - Delayed Draw Loan2024-12-310001737924Vessco Midco Holdings, LLC - Delayed Draw Loan2025-03-310001737924Vessco Midco Holdings, LLC - Delayed Draw Loan2024-12-310001737924Vessco Midco Holdings, LLC - Revolving Loan2025-03-310001737924Vessco Midco Holdings, LLC - Revolving Loan2024-12-310001737924Watermill Express, LLC - Delayed Draw Loan2025-03-310001737924Watermill Express, LLC - Delayed Draw Loan2024-12-310001737924Wellspring Pharmaceutical Corporation - Delayed Draw Loan2025-03-310001737924Wellspring Pharmaceutical Corporation - Delayed Draw Loan2024-12-310001737924WSB Engineering Holdings Inc. - Delayed Draw Loan2025-03-310001737924WSB Engineering Holdings Inc. - Delayed Draw Loan2024-12-310001737924YI, LLC (Young Innovations) - Delayed Draw Loan2025-03-310001737924YI, LLC (Young Innovations) - Delayed Draw Loan2024-12-310001737924us-gaap:IPOMember2024-01-292024-01-290001737924us-gaap:IPOMember2024-01-2900017379242024-01-052024-01-050001737924ncdlc:AtTheMarketOfferingMember2025-03-102025-03-100001737924ncdlc:O2025Q2DividendsMember2025-01-012025-03-310001737924ncdlc:O2024Q2DividendsMember2024-01-012024-12-3100017379242025-01-282025-01-280001737924ncdlc:O2025Q1DividendsMember2025-01-282025-01-2800017379242024-01-102024-01-100001737924ncdlc:ShareRepurchasePlanMember2024-03-0500017379242024-04-012024-04-3000017379242024-04-3000017379242024-05-012024-05-3100017379242024-05-3100017379242024-06-012024-06-3000017379242024-06-3000017379242024-07-012024-07-3100017379242024-07-3100017379242024-08-012024-08-3100017379242024-08-3100017379242024-09-012024-09-3000017379242024-09-3000017379242024-10-012024-10-3100017379242024-10-3100017379242024-11-012024-11-3000017379242024-11-3000017379242024-12-012024-12-3100017379242025-01-012025-01-3100017379242025-01-3100017379242025-02-012025-02-2800017379242025-02-2800017379242025-03-012025-03-3100017379242024-04-012025-03-310001737924us-gaap:SubsequentEventMemberncdlc:O2024Q4RegularDividendsMember2025-04-302025-04-300001737924us-gaap:SubsequentEventMember2025-05-02

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


ý			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


¨			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __ to __

Commission file number: 000-56133

NUVEEN CHURCHILL DIRECT LENDING CORP.

(Exact name of registrant as specified in its charter)


Maryland						84-3613224
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
375 Park Avenue, 9th Floor, New York, NY						10152
(Address of principal executive offices)						(Zip Code)

(212) 478-9200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.01

NCDL

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No ý

As of May 6, 2025, the registrant had 50,281,364 shares of common stock, $0.01 par value, outstanding.

TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements (Unaudited)

Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024

Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (Unaudited)

Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2025 and 2024 (Unaudited)

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)

Consolidated Schedules of Investments as of March 31, 2025 (Unaudited) and December 31, 2024

Notes to Consolidated Financial Statements (Unaudited)

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

112

Item 4.

Controls and Procedures

Unregistered Sales of Equity Securities and Use of Proceeds

115

Item 3.

Defaults Upon Senior Securities

116

Item 4.

Mine Safety Disclosures

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on our current expectations and estimates, our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•our future operating results;

•our business prospects and the prospects of our portfolio companies;

•the dependence of our future success on the general economy and its impact on the industries in which we invest;

•changes in the markets in which we invest and changes in financial and lending markets generally;

•the impact of a protracted decline in the liquidity of credit markets on our business;

•the impact of increased competition;

•an economic downturn or recession and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us;

•the impact of interest rate volatility on our business, our financial condition and our portfolio companies;

•the impact of supply chain constraints and labor difficulties on our portfolio companies and the global economy;

•the level of inflation, and its impact on our portfolio companies and on the industries in which we invest;

•the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policies and its impact on our portfolio companies and the global economy;

•the impact of geopolitical conditions, including the conflict between Ukraine and Russia and in the Middle East, and their impact on financial market volatility, global economic markets, and various sectors, industries and markets for commodities globally, such as oil and natural gas;

•our contractual arrangements and relationships with third parties;

•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•actual and potential conflicts of interest with the Advisers, and/or their respective affiliates;

•the ability of our portfolio companies to achieve their objectives;

•the use of borrowed money to finance a portion of our investments;

•the adequacy of our financing sources and working capital;

•the timing of cash flows, if any, from the operations of our portfolio companies;

•the ability of the Advisers to locate suitable investments for us and to monitor and administer our investments;

•the ability of the Advisers or their respective affiliates to attract and retain highly talented professionals;

•our ability to qualify and maintain our qualification as a regulated investment company (a “RIC”) for U.S. federal income tax purposes and operate as a business development company ("BDC"); and

•the impact of future legislation and regulation on our business and our portfolio companies.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of forward-looking statements in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements except as otherwise provided by law.

PART I. FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(dollars in thousands, except share and per share data)


	March 31, 2025		December 31, 2024

Assets	(Unaudited)
Investments
Non-controlled/non-affiliated company investments, at fair value (amortized cost of $2,108,339 and $2,098,575, respectively)	$	2,077,570	$	2,081,379
Cash and cash equivalents	49,178		43,254
Restricted cash	—		50


Interest receivable	20,701		17,971
Derivative asset, at fair value (Note 4)	8,184		—
Receivable for investments sold	16,563		1,024


Other assets	388		47
Total assets	$	2,172,584	$	2,143,725

Liabilities
Debt (net of $10,315 and $6,668 deferred financing costs, respectively, and net of unamortized discount of $555 and $0, respectively) (See Note 7)	$	1,199,570	$	1,108,261
Payable for investments purchased	6,650		14,973
Interest payable	10,416		12,967


Management fees payable	3,914		3,956
Distributions payable	28,266		29,468
Directors’ fees payable	156		128
Accounts payable and accrued expenses	3,592		3,652
Total liabilities	$	1,252,564	$	1,173,405

Commitments and contingencies (See Note 8)

Net Assets: (See Note 9)

Common shares, $0.01 par value, 500,000,000 and 500,000,000 shares authorized, 51,217,252 and 53,387,277 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	$	512	$	534
Paid-in-capital in excess of par value	959,251		996,286
Total distributable earnings (loss)	(39,743)		(26,500)
Total net assets	$	920,020	$	970,320

Total liabilities and net assets	$	2,172,584	$	2,143,725

Net asset value per share (See Note 11)	$	17.96	$	18.18

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(dollars in thousands, except share and per share data)


	Three Months Ended March 31,
		2025		2024
Investment income:
Non-controlled/non-affiliated company investments:
Interest income		$	50,846	$	49,078
Payment-in-kind interest income		2,365		1,992
Dividend income		—		308
Other income		375		217
Total investment income		53,586		51,595

Expenses:
Interest and debt financing expenses		20,643		16,941
Management fees (See Note 6)		3,914		3,264
Incentive fees on net investment income		2,253		4,459

Professional fees		493		710
Directors' fees		156		128
Administration fees (See Note 6)		586		542
Other general and administrative expenses		342		277
Total expenses before incentive fees waived		28,387		26,321

Incentive fees waived (See Note 6)		(2,253)		(4,459)
Net expenses after incentive fees waived		26,134		21,862


Net investment income		27,452		29,733

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on non-controlled/non-affiliated company investments		1,103		(3,625)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated company investments		(13,573)		4,057
Income tax (provision) benefit		39		(141)
Total net change in unrealized gain (loss)		(13,534)		3,916
Total net realized and unrealized gain (loss) on investments		(12,431)		291

Net increase (decrease) in net assets resulting from operations		$	15,021	$	30,024

Per share data:
Net investment income per share - basic and diluted		$	0.53	$	0.56
Net increase (decrease) in net assets resulting from operations per share - basic and diluted		$	0.29	$	0.57
Weighted average common shares outstanding - basic and diluted		52,211,340		52,758,353

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

(dollars in thousands, except share and per share data)


	Three Months Ended March 31,
		2025		2024
Increase (decrease) in net assets resulting from operations:
Net investment income		$	27,452	$	29,733
Net realized gain (loss) on investments		1,103		(3,625)
Net change in unrealized appreciation (depreciation) on investments		(13,534)		3,916
Net increase (decrease) in net assets resulting from operations		15,021		30,024
Shareholder distributions:
Distributions declared from distributable earnings		(28,265)		(24,667)
Net increase (decrease) in net assets resulting from shareholder distributions		(28,265)		(24,667)
Capital share transactions:
Issuance of common shares, net		—		241,657
Reinvestment of shareholder distributions		—		3,334
Repurchases of common stock		(37,056)		—
Net increase (decrease) in net assets resulting from capital share transactions		(37,056)		244,991
Total increase (decrease) in net assets		(50,300)		250,348
Net assets, beginning of period		970,320		747,885
Net assets, end of period		$	920,020	$	998,233

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(dollars in thousands, except share and per share data)


	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	15,021	$	30,024

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Purchase of investments	(153,019)		(204,329)
Proceeds from principal repayments and sales of investments	148,350		54,896
Payment-in-kind interest	(2,365)		(1,992)
Amortization of (premium)/accretion of discount, net	(1,627)		(1,016)
Net realized (gain) loss on investments	(1,103)		3,625
Net change in unrealized (appreciation) depreciation on investments	13,573		(4,057)
Net fair value adjustment for hedging transaction	(36)		—
Amortization of deferred financing costs	1,956		1,296

Changes in operating assets and liabilities:

Interest receivable	(2,730)		1,607
Receivable for investments sold	(15,539)		3,497

Prepaid expenses	—		(105)
Other assets	(341)		2
Payable for investments purchased	(8,323)		16,877
Interest payable	(2,551)		1,185
Due to adviser for expense support	—		(632)

Management fees payable	(42)		258
Directors’ fees payable	28		32

Accounts payable and accrued expenses	(60)		1,276
Net cash provided by (used in) operating activities	(8,808)		(97,556)

Cash flows from financing activities:

Proceeds from issuance of common shares, net	—		241,657

Shareholder distributions	(29,467)		(19,332)
Repurchases of common shares	(37,056)		—
Proceeds from debt	796,845		323,000
Repayments on debt	(710,037)		(449,377)
Payments of deferred financing costs	(5,603)		(1,641)
Net cash provided by (used in) financing activities	14,682		94,307

Net increase (decrease) in Cash and Cash Equivalents and Restricted Cash	5,874		(3,249)
Cash and Cash Equivalents and Restricted Cash, beginning of period	43,304		67,445
Cash and Cash Equivalents and Restricted Cash, end of period	$	49,178	$	64,196

Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	21,238	$	14,460
Cash paid during the period for excise taxes	$	—	$	6
Supplemental disclosure of non-cash flow financing activity:
Distributions payable	$	28,266	$	24,684
Reinvestment of shareholder distributions	$	—	$	3,334

See Notes to Consolidated Financial Statements

The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the consolidated statements of assets and liabilities to comparable amounts on the consolidated statements of cash flows (dollars in thousands):


	March 31, 2025		March 31, 2024
Cash	$	1,931	$	11,373
Cash equivalents	47,247		52,773
Restricted cash	—		50
Total cash and cash equivalents and restricted cash shown on the Consolidated Statements of Cash Flows	$	49,178	$	64,196

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2025

(dollar amounts in thousands)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount		Amortized Cost		Fair Value (4)		% of Net Assets (5)

Investments
Debt Investments
Aerospace & Defense
BlueHalo Global Holdings, LLC (AEgis Technologies)	(6) (12)	First Lien Debt	S + 6.00%	10.31	%	10/31/2025	$	19,916	$	19,882	$	19,916	2.16	%
ERA Industries, LLC (BTX Precision)	(12)	First Lien Debt	S + 5.00%	9.32	%	7/25/2030	1,563		1,545		1,548		0.17	%
ERA Industries, LLC (BTX Precision)	(12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.32	%	7/25/2030	895		894		887		0.10	%
PAG Holding Corp. (Precision Aviation Group)	(6) (12)	First Lien Debt	S + 4.75%	9.05	%	12/21/2029	14,851		14,607		14,821		1.60	%
PAG Holding Corp. (Precision Aviation Group)	(12)	First Lien Debt (Delayed Draw)	S + 4.75%	9.05	%	12/21/2029	4,923		4,885		4,913		0.53	%
Signia Aerospace, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 3.00%	7.32	%	12/11/2031	122		—		—		—	%
Signia Aerospace, LLC	(6) (9)	First Lien Debt	S + 3.00%	7.32	%	12/11/2031	1,470		1,467		1,466		0.16	%
STS Holding, Inc.	(6)	First Lien Debt	S + 4.75%	9.05	%	11/12/2030	3,856		3,820		3,834		0.42	%
Turbine Engine Specialists, Inc.	(12)	Subordinated Debt	S + 9.50%	13.92	%	3/1/2029	2,524		2,475		2,534		0.28	%
Valkyrie Intermediate, LLC	(12)	Subordinated Debt	N/A	10.50% (Cash) 1.00% (PIK)		11/17/2027	2,872		2,841		2,832		0.31	%
Total Aerospace & Defense									52,416		52,751		5.73	%

Automotive
Covercraft Parent III, Inc.	(12)	Subordinated Debt	N/A	10.00% (Cash) 0.75% (PIK)		2/20/2028	7,548		7,473		5,802		0.63	%
High Bar Brands Operating, LLC	(11) (12)	Subordinated Debt (Delayed Draw)	N/A	13.00	%	6/19/2030	596		(6)		(7)		—	%
High Bar Brands Operating, LLC	(12)	Subordinated Debt	N/A	13.00	%	6/19/2030	2,088		2,046		2,062		0.22	%
JEGS Automotive	(12)	First Lien Debt	S + 7.00%	11.30	%	12/22/2029	1,256		1,256		1,256		0.14	%
JEGS Automotive	(12)	Revolving Loan	S + 7.00%	11.30	%	12/22/2029	209		209		209		0.02	%
OEP Glass Purchaser, LLC (PGW Auto Glass)	(6) (12)	First Lien Debt	S + 5.00%	9.39	%	4/18/2028	12,563		12,492		12,521		1.36	%
OEP Glass Purchaser, LLC (PGW Auto Glass)	(12)	First Lien Debt	S + 5.00%	9.39	%	4/18/2028	2,419		2,399		2,411		0.26	%
RA Parent Holdings LP (S&S Truck Parts)	(6)	First Lien Debt	S + 4.75%	9.16	%	3/1/2029	1,144		1,138		1,131		0.12	%
RA Parent Holdings LP (S&S Truck Parts)	(6) (12)	First Lien Debt	S + 4.75%	9.17	%	3/1/2029	19,983		19,814		19,749		2.15	%
RA Parent Holdings LP (S&S Truck Parts)	(6)	First Lien Debt (Delayed Draw)	S + 4.75%	9.16	%	3/1/2029	1,703		1,703		1,683		0.18	%
RA Parent Holdings LP (S&S Truck Parts)	(6)	First Lien Debt (Delayed Draw)	S + 4.75%	9.17	%	3/1/2029	97		97		96		0.01	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2025

(dollar amounts in thousands)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount		Amortized Cost		Fair Value (4)		% of Net Assets (5)

RA Parent Holdings LP (S&S Truck Parts)	(6)	First Lien Debt	S + 4.75%	9.16	%	3/1/2029	$	6,771	$	6,730	$	6,692	0.73	%
Randys Holdings, Inc. (Randy's Worldwide Automotive)	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.30	%	11/1/2029	3,742		2,137		2,089		0.23	%
Randys Holdings, Inc. (Randy's Worldwide Automotive)	(6) (9) (12)	First Lien Debt	S + 5.00%	9.29	%	11/1/2029	10,997		10,850		10,857		1.18	%
Total Automotive									68,338		66,551		7.23	%

Banking, Finance, Insurance, Real Estate
Accession Risk Management Group, Inc. (f/k/a RSC Acquisition Inc)	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	9.05	%	11/1/2029	9,719		9,719		9,690		1.05	%
Ascend Partner Services LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.75	%	8/11/2031	12,642		3,510		3,601		0.39	%
Ascend Partner Services LLC	(6) (12)	First Lien Debt	S + 4.50%	8.75	%	8/11/2031	7,339		7,273		7,360		0.80	%
Big Apple Advisory, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.79	%	11/18/2031	4,305		(20)		(43)		—	%
Big Apple Advisory, LLC	(11) (12)	Revolving Loan	S + 4.50%	8.79	%	11/18/2031	1,740		(16)		(17)		—	%
Big Apple Advisory, LLC	(12)	First Lien Debt	S + 4.50%	8.79	%	11/18/2031	8,955		8,870		8,866		0.96	%
Cohen Advisory, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.80	%	12/31/2031	4,825		194		181		0.02	%
Cohen Advisory, LLC	(6) (12)	First Lien Debt	S + 4.50%	8.80	%	12/31/2031	8,664		8,582		8,599		0.93	%
Illumifin Corporation (Long Term Care Group)	(9) (12)	First Lien Debt	S + 6.00%	10.55	%	9/8/2027	7,326		7,312		6,826		0.74	%
Patriot Growth Insurance Services, LLC	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.45	%	10/16/2028	7,082		7,039		7,082		0.77	%
Smith & Howard Advisory LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	9.04	%	11/26/2030	2,351		1,105		1,088		0.12	%
Smith & Howard Advisory LLC	(6)	First Lien Debt	S + 4.75%	9.07	%	11/26/2030	2,915		2,888		2,887		0.31	%
Vensure Employer Services, Inc.	(9) (12)	First Lien Debt	S + 5.00%	9.30	%	9/27/2031	2,751		2,728		2,735		0.30	%
Vensure Employer Services, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.32	%	9/27/2031	542		(3)		(3)		—	%
World Insurance Associates, LLC	(6) (9)	First Lien Debt	S + 5.00%	9.30	%	4/3/2030	971		966		967		0.11	%
World Insurance Associates, LLC	(9) (12)	First Lien Debt	S + 5.00%	9.30	%	4/3/2030	13,761		13,756		13,707		1.49	%
Total Banking, Finance, Insurance, Real Estate									73,903		73,526		7.99	%

Beverage, Food & Tobacco
AmerCareRoyal, LLC	(6)	First Lien Debt	S + 5.00%	9.32	%	9/10/2030	718		712		712		0.08	%
AmerCareRoyal, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.32	%	9/10/2030	165		—		(2)		—	%
AmerCareRoyal, LLC	(12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.32	%	9/10/2030	114		114		113		0.01	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2025

(dollar amounts in thousands)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount		Amortized Cost		Fair Value (4)		% of Net Assets (5)

Bardstown PPC Buyer LLC (Bardstown Bourbon Company)	(12)	Subordinated Debt	S + 7.75%	12.05	%	8/30/2027	$	9,300	$	9,199	$	9,260	1.01	%
BCPE North Star US Holdco 2, Inc. (Dessert Holdings)	(6) (9) (12) (14)	Subordinated Debt	S + 7.25%	11.69	%	6/8/2029	9,000		8,899		8,694		0.94	%
BCPE North Star US Holdco 2, Inc. (Dessert Holdings)	(6) (12) (14)	First Lien Debt	S + 4.00%	8.44	%	6/9/2028	10,491		10,075		10,265		1.12	%
Boardwalk Buyer LLC (Death Wish Coffee)	(6) (9) (12)	First Lien Debt	S + 5.00%	9.40	%	9/28/2027	9,675		9,635		9,675		1.05	%
Commercial Bakeries Corp.	(6) (10) (12)	First Lien Debt	S + 5.50%	9.80	%	9/25/2029	17,066		16,804		16,869		1.83	%
Commercial Bakeries Corp.	(6) (10)	First Lien Debt	S + 5.50%	9.82	%	9/25/2029	2,019		2,006		1,996		0.22	%
FoodScience, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.97	%	11/14/2031	6,322		(15)		(13)		—	%
FoodScience, LLC	(6) (12)	First Lien Debt	S + 4.75%	8.97	%	11/14/2031	5,912		5,857		5,899		0.64	%
IF&P Holding Company, LLC (Fresh Edge)	(12)	Subordinated Debt	S + 4.50%	8.90% (Cash) 5.13% (PIK)		4/3/2029	4,130		4,065		4,020		0.44	%
IF&P Holding Company, LLC (Fresh Edge)	(12)	Subordinated Debt	S + 4.50%	8.90% (Cash) 5.13% (PIK)		4/3/2029	825		810		803		0.09	%
IF&P Holding Company, LLC (Fresh Edge)	(12)	Subordinated Debt	S + 4.50%	8.90% (Cash) 5.13% (PIK)		4/3/2029	976		957		950		0.10	%
Palmetto Acquisitionco, Inc. (Tech24)	(6) (12)	First Lien Debt	S + 5.75%	10.05	%	9/18/2029	13,148		12,967		12,844		1.40	%
Palmetto Acquisitionco, Inc. (Tech24)	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.75%	10.05	%	9/18/2029	4,813		3,085		2,987		0.32	%
Refresh Buyer, LLC (Sunny Sky Products)	(6) (12)	First Lien Debt	S + 4.75%	9.05	%	12/23/2028	7,005		6,953		6,926		0.75	%
Refresh Buyer, LLC (Sunny Sky Products)	(12)	First Lien Debt (Delayed Draw)	S + 4.75%	9.07	%	12/23/2028	1,773		1,773		1,754		0.19	%
Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC)	(12)	First Lien Debt	S + 4.75%	9.20	%	7/30/2027	10,463		10,366		10,377		1.13	%
Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC)	(6) (12)	First Lien Debt	S + 4.75%	9.19	%	7/30/2027	9,511		9,460		9,432		1.03	%
Watermill Express, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	9.21	%	7/5/2029	2,373		1,094		1,099		0.12	%
Watermill Express, LLC	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.70	%	7/5/2029	3,154		3,154		3,154		0.34	%
Watermill Express, LLC	(6) (9) (12)	First Lien Debt	S + 5.25%	9.70	%	7/5/2029	6,295		6,245		6,295		0.68	%
Watermill Express, LLC	(6) (9)	First Lien Debt	S + 5.25%	9.70	%	7/5/2029	3,211		3,198		3,211		0.35	%
Watermill Express, LLC	(6) (9)	First Lien Debt (Delayed Draw)	S + 5.25%	9.70	%	7/5/2029	310		310		310		0.03	%
WCHG Buyer, Inc. (Handgards, LLC)	(6) (12)	First Lien Debt	S + 5.00%	9.30	%	4/10/2031	24,294		24,080		24,035		2.61	%
Total Beverage, Food & Tobacco									151,803		151,665		16.48	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2025

(dollar amounts in thousands)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount		Amortized Cost		Fair Value (4)		% of Net Assets (5)

Capital Equipment
Clean Solutions Buyer, Inc.	(6)	First Lien Debt	S + 4.50%	8.82	%	9/9/2030	$	995	$	986	$	986	0.11	%
Engineered Fastener Company, LLC (EFC International)	(12)	Subordinated Debt	N/A	11.00%(Cash) 2.50% (PIK)		5/1/2028	3,289		3,226		3,287		0.36	%
FirstCall Mechanical Group, LLC	(6) (12)	First Lien Debt	S + 4.75%	9.05	%	6/27/2030	9,925		9,838		9,834		1.06	%
FirstCall Mechanical Group, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	9.05%		6/27/2030	19,961		9,142		8,977		0.97	%
Heartland Home Services, Inc. (Helios Buyer, Inc.)	(6) (9) (12)	First Lien Debt	S + 6.00%	10.40	%	12/15/2026	6,384		6,363		6,139		0.67	%
Heartland Home Services, Inc. (Helios Buyer, Inc.)	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 6.00%	10.40	%	12/15/2026	5,536		5,527		5,324		0.58	%
Heartland Home Services, Inc. (Helios Buyer, Inc.)	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 6.00%	10.40	%	12/15/2026	2,538		2,538		2,441		0.27	%
Hyperion Materials & Technologies, Inc.	(12)	First Lien Debt	S + 4.50%	9.01	%	8/30/2028	2,620		2,619		2,538		0.28	%
Jetson Buyer, Inc. (E-Technologies Group, Inc.)	(6) (12)	First Lien Debt	S + 5.50%	9.82	%	4/9/2030	7,259		7,196		7,089		0.77	%
Ovation Holdings, Inc	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.30	%	2/4/2030	7,890		4,130		4,195		0.46	%
Ovation Holdings, Inc	(6)	First Lien Debt	S + 5.00%	9.29	%	2/4/2030	946		937		945		0.10	%
Ovation Holdings, Inc	(6)	First Lien Debt	S + 5.00%	9.29	%	2/4/2030	7,934		7,813		7,926		0.86	%
Ovation Holdings, Inc	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	9.29	%	2/4/2030	1,877		1,861		1,876		0.20	%
PT Intermediate Holdings III, LLC	(6) (9) (12)	First Lien Debt	S + 3.25%	7.55% (Cash) 1.75% (PIK)		4/9/2030	7,536		7,514		7,498		0.81	%
PT Intermediate Holdings III, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 3.25%	7.55% (Cash) 1.75% (PIK)		4/9/2030	879		(1)		(4)		—	%
Rhino Intermediate Holding Company, LLC (Rhino Tool House)	(6) (12)	First Lien Debt	S + 5.25%	9.72	%	4/4/2029	9,501		9,376		9,436		1.03	%
Rhino Intermediate Holding Company, LLC (Rhino Tool House)	(12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.78	%	4/4/2029	1,826		1,821		1,814		0.20	%
Thermostat Purchaser III, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.25%	8.55	%	8/31/2028	2,267		—		3		—	%
Thermostat Purchaser III, Inc.	(6) (9)	First Lien Debt	S + 4.25%	8.55	%	8/31/2028	1,078		1,078		1,079		0.12	%
Vessco Midco Holdings, LLC	(6) (9) (12)	First Lien Debt	S + 4.75%	9.05	%	7/24/2031	13,706		13,579		13,575		1.47	%
Vessco Midco Holdings, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	9.06	%	7/24/2031	4,569		1,183		1,160		0.13	%
Vessco Midco Holdings, LLC	(9) (11) (12)	Revolving Loan	S + 4.75%	9.07	%	7/24/2031	1,726		(16)		(16)		—	%
Total Capital Equipment									96,710		96,102		10.45	%

Chemicals, Plastics, & Rubber
Boulder Scientific Company, LLC	(6)	First Lien Debt	S + 4.75%	9.06	%	12/31/2027	2,034		2,043		1,986		0.22	%
Chroma Color Corporation	(6)	First Lien Debt	S + 4.25%	8.54	%	4/23/2029	6,235		6,143		6,191		0.67	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2025

(dollar amounts in thousands)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount		Amortized Cost		Fair Value (4)		% of Net Assets (5)

Chroma Color Corporation	(6)	First Lien Debt (Delayed Draw)	S + 4.25%	8.55	%	4/23/2029	$	1,376	$	1,367	$	1,366	0.15	%
Olympic Buyer, Inc. (Ascensus)	(6) (9) (12)	First Lien Debt	S + 4.35%	8.67	%	6/30/2028	9,606		9,501		8,227		0.89	%
TJC Spartech Acquisition Corp.	(9) (12) (16)	First Lien Debt	S + 4.75%	9.04	%	5/6/2028	14,579		14,532		4,781		0.52	%
Total Chemicals, Plastics, & Rubber									33,586		22,551		2.45	%

Construction & Building
Athlete Buyer, LLC (Allstar Holdings)	(12)	Subordinated Debt	N/A	14.00% (PIK)		4/26/2030	2,318		2,268		2,240		0.24	%
Athlete Buyer, LLC (Allstar Holdings)	(12)	Subordinated Debt (Delayed Draw)	N/A	14.00% (PIK)		4/26/2030	4,412		4,366		4,264		0.46	%
Athlete Buyer, LLC (Allstar Holdings)	(12)	Subordinated Debt (Delayed Draw)	N/A	14.00% (PIK)		4/26/2030	5,598		5,537		5,411		0.59	%
Cobalt Service Partners, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	9.05	%	10/13/2031	3,165		727		711		0.08	%
Cobalt Service Partners, LLC	(6) (9)	First Lien Debt	S + 4.75%	9.05	%	10/13/2031	1,835		1,818		1,818		0.20	%
Erie Construction Mid-West, LLC (Erie Construction)	(6) (12)	First Lien Debt	S + 4.75%	9.19	%	7/30/2027	9,467		9,424		9,467		1.03	%
Gannett Fleming, Inc.	(9) (12)	First Lien Debt	S + 4.75%	9.04	%	8/5/2030	17,779		17,538		17,610		1.90	%
Gannett Fleming, Inc.	(9) (11) (12)	Revolving Loan	S + 4.75%	9.07	%	8/5/2030	2,131		(29)		(20)		—	%
Heartland Paving Partners, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.81	%	8/9/2030	5,714		(13)		(53)		(0.01	%)
Heartland Paving Partners, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.81	%	8/9/2030	5,714		2,273		2,233		0.24	%
Heartland Paving Partners, LLC	(6) (12)	First Lien Debt	S + 4.50%	8.72	%	8/9/2030	8,529		8,451		8,450		0.92	%
ICE USA Infrastructure, Inc.	(6) (12)	First Lien Debt	S + 5.75%	10.05	%	3/15/2030	6,555		6,500		6,497		0.71	%
Java Buyer, Inc. (Sciens Building Solutions, LLC)	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.30	%	12/15/2027	4,858		4,836		4,836		0.53	%
Java Buyer, Inc. (Sciens Building Solutions, LLC)	(6) (9) (12)	First Lien Debt	S + 5.00%	9.30	%	12/15/2027	9,196		9,104		9,155		1.00	%
MEI Buyer LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.32	%	6/29/2029	2,099		—		—		—	%
MEI Buyer LLC	(6) (12)	First Lien Debt	S + 5.00%	9.32	%	6/29/2029	11,288		11,114		11,289		1.23	%
MEI Buyer LLC	(12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.32	%	6/29/2029	1,805		1,799		1,805		0.20	%
Rose Paving, LLC	(11) (12)	Subordinated Debt (Delayed Draw)	N/A	12.00	%	5/7/2030	191		(1)		(2)		—	%
Rose Paving, LLC	(12)	Subordinated Debt	N/A	12.00	%	5/7/2030	2,937		2,904		2,906		0.32	%
Royal Holdco Corporation (RMA Companies)	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.79	%	12/30/2030	3,435		(34)		(34)		—	%
Royal Holdco Corporation (RMA Companies)	(6) (12)	First Lien Debt	S + 4.50%	8.79	%	12/30/2030	16,523		16,429		16,358		1.77	%
SCIC Buyer, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.30	%	3/14/2031	3,106		(8)		(31)		—	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2025

(dollar amounts in thousands)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount		Amortized Cost		Fair Value (4)		% of Net Assets (5)

SCIC Buyer, Inc.	(6) (12)	First Lien Debt	S + 5.00%	9.30	%	3/14/2031	$	14,813	$	14,665	$	14,667	1.59	%
WSB Engineering Holdings Inc.	(6)	First Lien Debt	S + 6.00%	10.31	%	8/31/2029	6,438		6,365		6,416		0.70	%
WSB Engineering Holdings Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 6.00%	10.29	%	8/31/2029	4,315		3,769		3,778		0.41	%
Total Construction & Building									129,802		129,771		14.11	%

Consumer Goods: Durable
DRS Holdings III, Inc.	(6) (9)	First Lien Debt	S + 5.25%	9.55	%	11/1/2028	2,999		2,999		2,984		0.32	%
Momentum Textiles, LLC	(12)	Subordinated Debt	N/A	8.00% (Cash) 5.50% (PIK)		3/28/2029	5,000		4,913		4,913		0.53	%
XpressMyself.com LLC (SmartSign)	(6) (12)	First Lien Debt	S + 5.50%	9.89	%	9/7/2028	9,750		9,695		9,750		1.06	%
XpressMyself.com LLC (SmartSign)	(6)	First Lien Debt	S + 5.75%	10.14	%	9/7/2028	4,962		4,893		4,962		0.55	%
Total Consumer Goods: Durable									22,500		22,609		2.46	%

Consumer Goods: Non-durable
ACP Tara Holdings, Inc.	(6) (9) (12)	First Lien Debt	S + 4.50%	8.90	%	9/10/2027	12,443		12,391		12,443		1.35	%
ACP Tara Holdings, Inc.	(6) (9)	First Lien Debt	S + 5.75%	10.15	%	9/10/2027	1,376		1,360		1,376		0.15	%
Gloves Buyer, Inc. (PIP)	(6) (12)	First Lien Debt	S + 4.00%	8.44	%	12/29/2027	9,028		9,017		9,028		0.98	%
KL Bronco Acquisition, Inc. (Elevation Labs)	(6) (12)	First Lien Debt	S + 5.25%	9.64	%	6/30/2028	6,703		6,665		6,703		0.73	%
KL Bronco Acquisition, Inc. (Elevation Labs)	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.65	%	6/30/2028	3,116		911		928		0.10	%
MPG Parent Holdings, LLC (Market Performance Group)	(6) (12)	First Lien Debt	S + 5.00%	9.30	%	1/8/2030	12,493		12,391		12,595		1.37	%
MPG Parent Holdings, LLC (Market Performance Group)	(12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.32	%	1/8/2030	3,067		3,067		3,092		0.34	%
Ultima Health Holdings, Inc.	(12)	Subordinated Debt	N/A	12.50	%	3/12/2029	1,767		1,744		1,767		0.19	%
Total Consumer Goods: Non-durable									47,546		47,932		5.21	%

Containers, Packaging & Glass
B2B Industrial Products, LLC (AMW Acquisition Company, Inc.)	(6) (12)	First Lien Debt	S + 6.75%	11.43	%	10/7/2026	14,247		14,235		13,856		1.51	%
B2B Industrial Products, LLC (AMW Acquisition Company, Inc.)	(12)	First Lien Debt	S + 6.75%	11.25	%	10/7/2026	113		112		110		0.01	%
good2grow LLC	(6) (12)	First Lien Debt	S + 4.50%	8.96	%	12/1/2027	8,699		8,658		8,699		0.95	%
good2grow LLC	(6) (12)	First Lien Debt	S + 5.50%	9.96	%	12/1/2027	4,981		4,932		4,981		0.54	%
good2grow LLC	(6) (12)	First Lien Debt	S + 4.75%	9.21	%	12/1/2027	14,230		14,126		14,230		1.55	%
Ivex Holdco Inc. (Specialized Packaging Group)	(6) (12)	First Lien Debt	S + 5.50%	9.96	%	12/17/2027	10,128		10,099		10,030		1.09	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2025

(dollar amounts in thousands)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount		Amortized Cost		Fair Value (4)		% of Net Assets (5)

Ivex Holdco Inc. (Specialized Packaging Group)	(10) (12)	First Lien Debt	S + 5.50%	9.96	%	12/17/2027	$	4,354	$	4,334	$	4,312	0.47	%
Ivex Holdco Inc. (Specialized Packaging Group)	(6) (10) (12)	First Lien Debt	S + 5.50%	9.96	%	12/17/2027	6,808		6,774		6,742		0.73	%
Ivex Holdco Inc. (Specialized Packaging Group)	(12)	First Lien Debt	S + 5.50%	9.96	%	12/17/2027	3,283		3,268		3,251		0.35	%
Oliver Packaging, LLC	(12)	Subordinated Debt	N/A	11.50% (PIK)		1/6/2029	2,556		2,527		2,381		0.26	%
Oliver Packaging, LLC	(12)	Subordinated Debt	N/A	13.00% (PIK)		1/6/2029	475		466		463		0.05	%
Online Labels Group, LLC	(12)	First Lien Debt	S + 5.25%	9.55	%	12/19/2029	3,287		3,261		3,287		0.36	%
Online Labels Group, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.55	%	12/19/2029	403		202		202		0.02	%
Online Labels Group, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.55	%	12/19/2029	403		—		—		—	%
Total Containers, Packaging & Glass									72,994		72,544		7.89	%

Energy: Electricity
Matador US Buyer, LLC (Insulation Technology Group)	(6) (10) (12)	First Lien Debt	S + 5.00%	9.32	%	6/25/2030	22,298		22,102		22,076		2.41	%
Matador US Buyer, LLC (Insulation Technology Group)	(10) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.32	%	6/25/2030	5,898		5,617		5,558		0.60	%
US MetalCo Holdings LLC (MGM Transformer Company)	(6) (12)	First Lien Debt	S + 5.50%	9.81	%	10/31/2029	23,317		23,035		23,384		2.54	%
US MetalCo Holdings LLC (MGM Transformer Company)	(12)	First Lien Debt (Delayed Draw)	S + 5.50%	9.80	%	10/31/2029	6,340		6,329		6,358		0.69	%
Total Energy: Electricity									57,083		57,376		6.24	%

Environmental Industries
CLS Management Services, LLC (Contract Land Staff)	(6) (12)	First Lien Debt	S + 5.00%	9.30	%	3/27/2030	7,488		7,424		7,422		0.81	%
CLS Management Services, LLC (Contract Land Staff)	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	9.30	%	3/27/2030	3,010		3,005		2,984		0.32	%
CLS Management Services, LLC (Contract Land Staff)	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.30	%	3/27/2030	4,999		(11)		(44)		—	%
Impact Parent Corporation (Impact Environmental Group)	(6) (12)	First Lien Debt	S + 5.25%	9.65	%	3/23/2029	6,691		6,591		6,646		0.72	%
Impact Parent Corporation (Impact Environmental Group)	(6)	First Lien Debt (Delayed Draw)	S + 5.25%	9.65	%	3/23/2029	3,126		3,114		3,105		0.34	%
Impact Parent Corporation (Impact Environmental Group)	(12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.65	%	3/23/2029	6,775		6,752		6,730		0.73	%
Impact Parent Corporation (Impact Environmental Group)	(6)	First Lien Debt	S + 5.25%	9.65	%	3/23/2029	1,714		1,688		1,703		0.19	%
NFM & J, L.P. (The Facilities Group)	(6) (9)	First Lien Debt	S + 5.75%	10.09	%	11/30/2027	4,810		4,790		4,785		0.52	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2025

(dollar amounts in thousands)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount		Amortized Cost		Fair Value (4)		% of Net Assets (5)

NFM & J, L.P. (The Facilities Group)	(6) (9) (12)	First Lien Debt	S + 5.75%	10.13	%	11/30/2027	$	8,925	$	8,867	$	8,878	0.96	%
NFM & J, L.P. (The Facilities Group)	(6) (9)	First Lien Debt (Delayed Draw)	S + 5.75%	10.16	%	11/30/2027	4,889		4,889		4,864		0.53	%
NFM & J, L.P. (The Facilities Group)	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.75%	10.16	%	11/30/2027	5,024		559		533		0.06	%
Nutrition 101 Buyer, LLC (101 Inc)	(6)	First Lien Debt	S + 5.25%	9.64	%	8/31/2028	6,564		6,528		6,141		0.67	%
Orion Group FM Holdings, LLC (Leo Facilities)	(6)	First Lien Debt	S + 5.50%	9.80	%	7/3/2029	8,443		8,343		8,414		0.91	%
Orion Group FM Holdings, LLC (Leo Facilities)	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.50%	9.79	%	7/3/2029	6,393		4,711		4,700		0.51	%
Orion Group FM Holdings, LLC (Leo Facilities)	(6)	First Lien Debt	S + 5.50%	9.80	%	7/3/2029	1,585		1,570		1,579		0.17	%
Orion Group FM Holdings, LLC (Leo Facilities)	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.50%	9.80	%	7/3/2029	13,446		—		(46)		—	%
SI Solutions, LLC	(6)	First Lien Debt	S + 4.75%	9.04	%	8/15/2030	11,843		11,736		11,857		1.28	%
SI Solutions, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	9.04	%	8/15/2030	5,601		(13)		7		—	%
Total Environmental Industries									80,543		80,258		8.72	%

Healthcare & Pharmaceuticals
AB Centers Acquisition Corporation (Action Behavior Centers)	(12)	First Lien Debt	S + 5.00%	9.32	%	7/2/2031	1,477		1,471		1,507		0.16	%
AB Centers Acquisition Corporation (Action Behavior Centers)	(6) (12)	First Lien Debt	S + 5.00%	9.32	%	7/2/2031	15,634		15,492		15,946		1.73	%
AB Centers Acquisition Corporation (Action Behavior Centers)	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.32	%	7/2/2031	2,847		862		925		0.10	%
ACP Maverick Holdings, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	9.05	%	3/18/2031	3,636		(18)		(36)		—	%
ACP Maverick Holdings, Inc.	(6) (9) (12)	First Lien Debt	S + 4.75%	9.05	%	3/18/2031	16,364		16,201		16,202		1.76	%
Affinity Hospice Intermediate Holdings, LLC	(6) (12)	First Lien Debt	S + 4.75%	9.15	%	12/17/2027	7,772		7,733		6,655		0.72	%
Anne Arundel Dermatology Management, LLC	(12) (16)	Subordinated Debt	N/A	12.75% (PIK)		10/16/2026	3,282		3,272		863		0.09	%
Anne Arundel Dermatology Management, LLC	(12) (16)	Subordinated Debt	N/A	13.25% (PIK)		4/16/2026	1,972		1,968		899		0.10	%
Anne Arundel Dermatology Management, LLC	(12)	First Lien Debt	N/A	4.71% (PIK)		1/15/2026	540		540		540		0.06	%
Anne Arundel Dermatology Management, LLC	(11) (12) (16)	Subordinated Debt	N/A	13.25% (PIK)		4/16/2026	2,396		2,027		726		0.08	%
Bluebird PM Buyer, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	9.05	%	2/3/2032	1,153		(3)		(11)		—	%
Bluebird PM Buyer, Inc.	(6) (12)	First Lien Debt	S + 4.75%	9.05	%	2/3/2032	8,456		8,376		8,375		0.91	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2025

(dollar amounts in thousands)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount		Amortized Cost		Fair Value (4)		% of Net Assets (5)

Bridges Consumer Healthcare Intermediate LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.55	%	12/22/2031	$	4,822	$	(24)	$	(47)	(0.01	%)
Bridges Consumer Healthcare Intermediate LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.49	%	12/22/2031	2,760		2,195		2,181		0.24	%
Bridges Consumer Healthcare Intermediate LLC	(6) (12)	First Lien Debt	S + 5.25%	9.47	%	12/22/2031	5,799		5,745		5,742		0.62	%
Coding Solutions Acquisition, Inc.	(9) (12)	First Lien Debt	S + 5.00%	9.32	%	8/7/2031	12,257		12,183		12,222		1.33	%
Coding Solutions Acquisition, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.43	%	8/7/2031	1,872		(4)		(5)		—	%
Coding Solutions Acquisition, Inc.	(9) (11) (12)	Revolving Loan	S + 5.00%	9.32	%	8/7/2031	1,246		1,079		1,087		0.12	%
Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology)	(6) (9) (14)	First Lien Debt	S + 4.25%	8.54	%	3/30/2029	3,273		3,237		3,082		0.33	%
Eyesouth Eye Care Holdco LLC	(6) (12)	First Lien Debt	S + 5.50%	9.92	%	10/5/2029	7,379		7,326		7,251		0.79	%
Eyesouth Eye Care Holdco LLC	(12)	First Lien Debt (Delayed Draw)	S + 5.50%	9.92	%	10/5/2029	2,419		2,419		2,377		0.26	%
FH DMI Buyer, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.22	%	10/11/2030	1,104		202		194		0.02	%
FH DMI Buyer, Inc.	(6)	First Lien Debt	S + 5.00%	9.22	%	10/11/2030	1,987		1,969		1,969		0.21	%
Genesee Scientific LLC	(6) (9) (12)	First Lien Debt	S + 5.75%	10.15	%	9/30/2027	5,883		5,859		5,113		0.56	%
Genesee Scientific LLC	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.75%	10.15	%	9/30/2027	1,540		1,540		1,339		0.15	%
GHR Healthcare, LLC	(6) (9) (12)	First Lien Debt	S + 5.25%	9.69	%	12/9/2027	6,320		6,290		6,098		0.66	%
GHR Healthcare, LLC	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.69	%	12/9/2027	1,977		1,977		1,907		0.21	%
GHR Healthcare, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.69	%	12/9/2027	1,946		—		(68)		(0.01	%)
GHR Healthcare, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.69	%	12/9/2027	648		—		(23)		—	%
GHR Healthcare, LLC	(6) (9) (12)	First Lien Debt	S + 5.25%	9.69	%	12/9/2027	4,920		4,863		4,747		0.52	%
GHR Healthcare, LLC	(6) (9) (12)	First Lien Debt	S + 5.25%	9.69	%	12/9/2027	8,028		7,966		7,746		0.84	%
GHR Healthcare, LLC	(6) (9) (12)	First Lien Debt	S + 5.25%	9.69	%	12/9/2027	3,733		3,703		3,602		0.39	%
Health Management Associates, Inc.	(6) (12)	First Lien Debt	S + 6.25%	10.57	%	3/30/2029	8,264		8,144		8,205		0.89	%
Health Management Associates, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 6.25%	10.56	%	3/30/2029	1,497		1,047		1,063		0.12	%
Healthspan Buyer, LLC (Thorne HealthTech)	(6) (12)	First Lien Debt	S + 5.25%	9.55	%	10/16/2030	10,519		10,432		10,470		1.14	%
Heartland Veterinary Partners LLC	(12)	Subordinated Debt (Delayed Draw)	N/A	7.50% (Cash) 7.00% (PIK)		12/10/2027	3,698		3,698		3,694		0.40	%
Heartland Veterinary Partners LLC	(12)	Subordinated Debt (Delayed Draw)	N/A	7.50% (Cash) 7.00% (PIK)		12/10/2027	10,187		10,187		10,176		1.11	%
Heartland Veterinary Partners LLC	(12)	Subordinated Debt	N/A	7.50% (Cash) 7.00% (PIK)		12/10/2027	2,037		2,021		2,035		0.22	%
HemaSource, Inc.	(12)	Subordinated Debt	N/A	8.50% (Cash) 5.00% (PIK)		2/28/2030	5,292		5,174		5,277		0.57	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2025

(dollar amounts in thousands)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount		Amortized Cost		Fair Value (4)		% of Net Assets (5)

HMN Acquirer Corp.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	9.05	%	11/5/2031	$	2,426	$	(6)	$	(23)	—	%
HMN Acquirer Corp.	(6)	First Lien Debt	S + 4.75%	9.05	%	11/5/2031	6,581		6,521		6,518		0.71	%
Impact Advisors, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	9.06	%	3/19/2032	7,143		(36)		(71)		(0.01	%)
Impact Advisors, LLC	(6) (12)	First Lien Debt	S + 4.75%	9.06	%	3/19/2032	12,857		12,729		12,730		1.38	%
Infucare Rx Inc	(6) (12)	First Lien Debt	S + 4.25%	8.65	%	1/4/2028	4,250		4,230		4,250		0.46	%
JKC Buyer, Inc. (J. Knipper and Company Inc)	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.32	%	2/13/2032	2,102		(10)		(20)		—	%
JKC Buyer, Inc. (J. Knipper and Company Inc)	(6)	First Lien Debt	S + 5.00%	9.32	%	2/13/2032	6,073		6,017		6,015		0.65	%
Lavie Group, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.59	%	10/10/2029	736		(3)		(7)		—	%
Lavie Group, Inc.	(9) (12)	First Lien Debt	S + 5.25%	9.59	%	10/10/2029	2,762		2,734		2,734		0.30	%
MDC Intermediate Holdings II, LLC (Mosaic Dental)	(12)	Subordinated Debt	N/A	10.00% (Cash) 2.25% (PIK)		2/7/2030	1,799		1,769		1,715		0.19	%
MDC Intermediate Holdings II, LLC (Mosaic Dental)	(12)	Subordinated Debt (Delayed Draw)	N/A	10.00% (Cash) 2.25% (PIK)		2/7/2030	480		476		457		0.05	%
Midwest Eye Services, LLC	(6) (12)	First Lien Debt	S + 4.50%	8.95	%	8/20/2027	8,906		8,870		8,836		0.96	%
Promptcare Infusion Buyer, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 6.00%	10.42	%	9/1/2027	2,864		1,427		1,427		0.16	%
Promptcare Infusion Buyer, Inc.	(6) (9)	First Lien Debt	S + 6.00%	10.42	%	9/1/2027	8,099		8,069		8,099		0.88	%
Promptcare Infusion Buyer, Inc.	(6) (9)	First Lien Debt (Delayed Draw)	S + 6.00%	10.42	%	9/1/2027	1,262		1,260		1,262		0.14	%
QHR Health, LLC	(6) (12)	First Lien Debt	S + 5.25%	9.93	%	5/28/2027	7,581		7,544		7,581		0.82	%
QHR Health, LLC	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.67	%	5/28/2027	3,207		3,204		3,207		0.35	%
QHR Health, LLC	(6) (12)	First Lien Debt	S + 5.25%	9.67	%	5/28/2027	3,207		3,176		3,207		0.35	%
Sandlot Buyer, LLC (Prime Time Healthcare)	(6) (12)	First Lien Debt	S + 6.25%	10.63	%	9/19/2028	7,833		7,679		7,759		0.84	%
Sandlot Buyer, LLC (Prime Time Healthcare)	(6) (12)	First Lien Debt	S + 6.25%	10.80	%	9/19/2028	9,481		9,340		9,391		1.02	%

Nuveen Churchill Direct Lending Corp. 10-Q